The NAB is the first of the big four banks in Australia to follow the decision of the RBA, dropping their interest rates by the full 0.25% within half an hour of the announcement by the RBA. Their interest rate will be 6.13% from Monday, 13th May.
UBank's UHomeLoan will also reduce the standard variable interest rate by 0.25% down to a market-leading 5.12% which will take effect on the Friday 17th May. Factoring in the lifetime loyalty rates, customers will have an interest rate as low as 4.92% and 4.87%. UBank is a subsidiary of NAB.
The Bank of Queensland has also announced a full interest rate cut of 0.25%. Their standard variable interest rate is now 6.26%.
The Commonwealth Bank this afternoon also announced they will follow suit, bringing their standard variable rate down to 6.15% on 13th May.
3pm By the end of the day, Westpac finally announces that they too will drop their rates by the full 0.25% to 6.26%.
Nothing from the ANZ yet, who are expected to announce their decision on Friday.
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