Big banks may cut rates

According to a report in the paper on Monday, a senior banking executive indicated that one of the major banks could push down its standard variable rate (SVR) before winter, if current lending margins remain stable.

In the last few weeks, the major banks' lending margins have eased slightly, giving them breathing room to offer more competitive rates.

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Yellow Brick Road founder Mark Bouris agreed and said it is only a matter of time before one of the big banks slashes its SVR in a bid to grab more market share.

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