Tuesday, May 7, 2013

Australian Banks' Reaction to RBA Cash Rate Announcement

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.

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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