The average reduction in standard variable mortgage rates is 35 basis points, according to the comparison website RateCity.com.au.
Several lenders announced rate changes at the end of the week. ANZ cut its standard variable rate by 37 basis points.
Among the Big Four banks, NAB remains the price leader, with a rate of 6.99 per cent, followed by Commonwealth Bank with 7.01 per cent, ANZ with 7.05 per cent and Westpac with 7.09 per cent.
AMP Bank and MyState cut their rates by 35 basis points and Wide Bay cut its rate by 32 points.
Two lenders, Police Credit Union in New South Wales and Unicredit WA, have passed on the full 50 basis point fall in the cash rate.
Among the others, CBA’s 40 basis point cut has been the biggest and CUA’s 25 basis point cut the smallest.
- Lenders pass on 35 basis points
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14 May 2012 6:52am
