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Big four stay in line, for now

By webmaster
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All four majors have now officially passed on the RBA's full rate cut, with Westpac and CBA moving last night.

ANZ was the first of the majors to move, delivering the full rate cut around 1pm yesterday afternoon.

NAB quickly followed suit, leaving the Commonwealth Bank of Australia and Westpac to decide whether or not they would pass on the full rate cut however the decision to replicate was made late last night.

The decision by the big four banks to cut by the full 25 basis points was a surprise and ended a three-day deadlock, however ANZ has made it clear that it will no longer be bound by RBA cash rate decisions.

It had been thought the banks would hold back some of the RBA's rate cut in response to higher funding costs as a result of the European sovereign debt crisis.

NAB still boasts the lowest standard variable rate of all the majors, sitting at 7.22 per cent.

ANZ is not far behind with a standard variable rate of 7.30 per cent, while CBA offers a rate of 7.31 per cent and Westpac's new rate is 7.36 per cent.

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