CBA announce full rate cut after June RBA meeting
The Commonwealth Bank (CBA) have announced they will be passing on the full RBA rate cut of 0.25 basis points.
Effective from June 25 CBA's standard variable rate home loans will be reduced by 0.25% p.a.
Angus Sullivan Group Executive Retail Banking Services said, “we have carefully considered the RBA rate decision and the current funding environment, together with how we continue to meet our regulatory commitments, capital requirements, and community expectations."
By reducing the standard variable home loan rate by 0.25%, the minimum required monthly repayment amount will reduce by $62 a month, based on a mortgage of $400,000 for Owner Occupiers paying Principal and Interest.
CBA was the second of the Big Four banks to make this announcement as ANZ beat them to the punch with an announcement of rate cuts just 9 minutes after the RBA released their decision.
ANZ's new lowest rate will be 3.63%, however they are only passing on a cut of 0.18 basis points effective June 14.
