Westpac announces rate cut
WESTPAC has announced a 37 basis point cut cut to its variable home loan interest rate.
It means three of the big four banks have now cut their standard variable rates in the wake of the Reserve Bank of Australia's decision on Tuesday to slash 50 basis points from the cash rate to 3.75%.
But not one of Westpac, NAB or the Commonwealth passed on the full RBA cut.
ANZ Bank will meet next Friday to decide whether it moves on rates.
Westpac's new standard variable rate of 7.09% will take effect from May 14.
The news is better for the bank's business loan customers, who will benefit from a 50 basis points cut.
The Commonwealth Bank announced on Thursday it was cutting its standard variable rate by 0.4%, while NAB passed on a 0.32% reduction.