Lenders respond to the Reserve Bank rate announcements

The Reserve Bank of Australia has reduced the cash rate for the second time this year, and we have seen some seen quick responses from the top lenders.

Yesterday’s announcement sees the cash rate cut to 1.50%, the second drop this year after the announcement of 1.75% in May.

The first of the lenders to respond, CBA lowered their standard variable rate 13 basis points. This takes their owner occupier rate to 5.22%, and their investor rate drop down to 5.49%.

NAB lowered their standard variable rate 10 basis points to 5.25%.

ANZ lowered their standard variable rate 12 basis points. Their owner occupier rate is now at 5.25%, and their investor rate at 5.52%. 

Westpac lowered their standard variable rate 14 basis points. This leaves their owner occupier rate at 5.29%, and their investor rate at 5.56%.

 

So when will we see these changes take effect?

ANZ: August 12th

CBA and NAB: August 19th

Westpac: August 23rd

 

Information for this article was sourced on 03/08/16 from brokernews.com.au and Westpac.com.au Media Release.                      

Posted in: Interest rates

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