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ANZ and NAB announce Rate Cuts8th December 2011 ANZ is the first bank to pass on the Reserve Bank interest rate cut, announced on Tuesday, passing on the full 0.25% reduction. This brings their Standard Variable Rate Home Loan down to 7.3% and comes into effect on Friday 16th December 2011. ANZ have also announced they'll reduce lending rates for small businesses. Well done, ANZ NAB have also announced it will reduce their Standard Variable Rate Home Loan to 7.22%, also from Friday 16th December 2011. Now the pressure is on Westpac and Commonwealth Bank to follow suit. There is also speculation that the Reserve Bank may announce another interest rate cut in February, when the board is scheduled to meet again. |
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