• Contact
  • Feedback
Banking Day
Stay Ahead. Stay Informed.
Concise. Candid. Provocative.
Get the daily banking news that matters
Banking Day – Your trusted source for independent financial insights.
Subscribe Now
  • News
  • Topics
    • All Topics
    • Briefs
    • Major Banks
    • Authorised deposit-taking institutions
    • Insurance, funds and super
    • Payments, mobile & wallets
    • Consumer lending
    • Mortgages
    • Business lending
    • Finance regulation
    • Debt capital markets
    • Ratings agencies
    • Equity capital markets
    • Professional services
    • Work & career
    • Foreign news
    • Other topics
  • Free Trial
  • Subscribe
  • Resources
    • Industry events
  • About us
    • About Banking Day
    • Advertise
    • Feedback
    • Contact Banking Day
  • Search
  • Login
  • My account
    • Account settings
    • User Admin
    • Logout

Login or request a free trial

Community First holds back some margin

09 May 2013 4:24PM
Community First Credit Union bucked the trend yesterday, when it announced that it would cut its standard variable mortgage rate by 22 basis points and not 25. The new rate is 6.12 per cent.It will be interesting to see if any other mutuals decide not to pass on the full reduction in the cash rate. Mutuals get most of their funding from retail deposits, which is still an expensive source of funding.Banks have had the advantage of a much lower cost of funds in the wholesale markets this year.So far, all other lenders that have cut rates in response to the Reserve Bank's reduction in the cash rate have cut them by 25 basis points.Among lenders that announced changes yesterday, IMB cuts its rate to 5.91 per cent, P&N Bank to 5.9 per cent, bankmecu to 5.74 per cent, and loans.com.au cuts its rate to 4.75 per cent (for dwelling purchases only, not refinance). On Tuesday, National Australia Bank announced that it would reduce its standard variable rate to 6.13 per cent. Commonwealth Bank cut its rate to 6.15 per cent and Westpac to 6.26 per cent.Bank of Queensland cut its standard variable rate to 6.26 per cent, Suncorp Bank to 6.24 per cent, ING Direct to 5.47 per cent and UBank to 5.12 per cent.

I'm a returning subscriber

*
Password reset *
Login

Request a free trial

  • Emailing you the news at 7am.
  • Covering core lending and funding issues, strategy, payments, regulation, risk management, IT, marketing and more.
  • Original news and summaries of major stories from other media – ditch your newspaper subscriptions.
  • Focused on banking and finance, saving you the time spent wading through newspapers and other services.
  • With reporting from former editors and senior writers from the AFR and The Australian.
  • Configured for your phone, laptop and PC.
Free trial Banking Day
Stay Ahead. Stay Informed.
Concise. Candid. Provocative.
Get the daily banking news that matters
Banking Day – Your trusted source for independent financial insights.
Subscribe Now

Consumer lending

  • Latitude, Harvey Norman liable for interest free GO card con

Copyright © WorkDay Media 2003-2025.

Banking Day is a WorkDay Media publication

WorkDay Media Unit Trust

  • Privacy policy
  • Terms of access and use