The Reserve Bank of Australia has cut the cash rate to a record low of 2.75 per cent today (07/05/2013) at its board meeting.
Among of the big four banks, 3 of them have passed on the full rate cut.
NAB was first out of the blocks, announcings shortly after the RBA’s decision it would shave a quarter of a percentage point off, taking its rate to 6.13 per cent, the lowest offered by a major bank.
CBA said it would cut its standard variable home loan rate to 6.15 per cent from May 13.
Westpac lowered its rates just before 5pm, bringing its standard variable mortgage rate down by 25 basis points to 6.26 per cent, with effect from May 20.
ANZ’s rate is 6.4 per cent, and the bank will hold its monthly rate review on Friday.