Homeowners see immediate relief following RBA rate cut
Major banks and challengers have had a trigger-happy response to the Reserve Bank of Australia’s 25-basis-point cut to the cash rate this Tuesday.
Each of the Big Four, including Commonwealth Bank and NAB, uniformly announced a 0.25% decrease to their home loan variable interest rates.
Announcing the passthrough, Angus Sullivan (pictured), CommBank’s group executive, retail banking services said: “We know that cash rate increases have been challenging for our home loan customers and they are looking forward to some relief.
“We recognise some customers will continue to need support as they manage household budgets. We strongly encourage anyone who is experiencing hardship to contact us, so we can help with a solution that suits their circumstances.”
Although CommBank savers will likely see rate reductions too, the major said it will keep its 10-month term deposit special of 4.6% “for a limited time”.
Announcing NAB’s 0.25% variable home loan cut, Ana Marinkovic, group executive, personal bank, said: “We are very pleased to deliver this rate cut to home loan customers – we understand how tough it’s been for many Australians.
“The extended period of high interest rates has placed real strain on household budgets and this rate reduction will help to ease the financial burden.
“We wanted to move quickly after the RBA’s decision to provide customers with certainty.”
Specialist lender Bluestone Home Loans joined the party with a 0.25% reduction across all variable home loan rates.
"By passing on the full RBA cut and keeping our discount offer in place, we’re making homeownership more accessible and giving brokers the tools to support their clients," said Bluestone’s chief executive Mark Jones.
Bluestone’s chief commercial officer Tony MacRae added: "Following our recent refresh, this is just another way we are thanking our broker network and is a reflection of our commitment to financial inclusion and flexibility.
We’ve built our business on backing brokers and their client’s unique circumstances, and today’s move reinforces that.”
