Wednesday, June 6, 2012

Which Banks Passed the June 0.25% cut?

We'll post here when any banks announce their interest rates intentions following the announcement by the RBA that they have cut the cash rate by 0.25 percent.
  • Tuesday: Bank of Queensland has dropped their rates by 20 basis points. Their announcement came out 25 minuts after the RBA announcement was made and therefore get the honorary first-mover award.
  • Wednesday: UniCredit has dropped their rates by the full 25 basis points taking their variable rate to a low 5.85%.
  • Friday: ANZ has just become the first of the big four banks to announce a rate cut, passing the whole 25 basis point cut on to their customers. 
  • Later on Friday: Westpac has announced a 20 basis point drop in their variable rate. And just as everyone was heading home on the east coast, the Commonwealth Bank also announced that it will drop their standard variable rate by 21 basis points. The National Australia Bank around 6pm EST announced that it too would drop rates by 21 basis points. UBank, which is a part of NAB now has a standard variable rate of 5.82% and for those with the loyalty discount, the rate is 5.62%.

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