Wednesday, 3 July 2019

Well, wouldn't you know it!

Yesterday the Reserve Bank of Australia cut the cash rate from 1.25% to 1%. However, the Commonwealth Bank, The National Australia Bank and Westpac announced they will not be passing on the full benefit of the interest cut rate to all of their home loan customers. Meanwhile, ANZ Bank said it will pass on the cut in full.

Let's go back to June when the RBA cut the cash rate from 1.5% to 1.25%. The Commonwealth Bank, the National Bank and Westpac passed on the full cut but the ANZ Bank didn't.

Who's having a lend of who?

This observer reckons the Big Four are having a lend of us all. 

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