The Reserve Bank announced today a 100 basis point (1% p.a.)cut to the official cash rate.
The Federal Treasurer (Wayne Swan) has warned borrowers not to expect the Banks to pass on the full 1% p.a. interest rate cut due to the increase in the “Cost of Funds” on the international markets.
Westpac, CBA, ANZ and NAB have reacted swiftly to the RBA’s decision announcing the banks would pass on a 0.80% p.a. interest rate cut to their customers, whilst Rams has trumped the banks by announcing Rams customers would receive a 0.90% p.a. interest rate cut. Read more