(Reuters) -Commonwealth Bank of Australia, the country’s largest lender, and National Australia Bank, the second-biggest, cut their standard variable home loan rates by 25 basis points on Tuesday. This follows the Reserve Bank of Australia lowering its cash rate by 25 bps to a two-year low of 3.6% on Tuesday, citing falling inflation and a […]
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Aussie ‘Big four’ banks cut home loan rates following RBA move
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(Reuters) -Commonwealth Bank of Australia, the country’s largest lender, and National Australia Bank, the second-biggest, cut their standard variable home loan rates by 25 basis points on Tuesday.
This follows the Reserve Bank of Australia lowering its cash rate by 25 bps to a two-year low of 3.6% on Tuesday, citing falling inflation and a loosening labour market.
However, it remained cautious on the prospect of further easing as well as the economic outlook amid uncertain growth prospects.
The move brings the central bank’s total rate reduction from the beginning of the year to 75 basis points.
Westpac Banking Corp, the third-biggest lender, and ANZ Group, the fourth-largest, also followed suit with identical 25-bp cuts to their variable home loan rates.
CBA and ANZ’s rate cuts take effect from August 22, while NAB’s reduction becomes effective from August 25 and Westpac’s from August 26.
All four major banks have now passed on the full rate reduction to home loan customers.
(Reporting by Roushni Nair in Bengaluru; Editing by Janane Venkatraman)