ANZ delivers rate cut

In a move that will likely surprise the market, ANZ has passed on the RBA’s full 25 basis point cash rate cut. The lender is the first of the majors to move, cutting interest rates by 25 basis points, from 7.05 down to 6.80 per cent, effective 15 June. The move will put other major lender NAB under pressure to make a fast announcement, to keep its promise of having the lowest interest rates of the big four.

The banks have been put under recent consumer and political pressure to pass on rate cuts in full.
Since rates started falling, the big banks had held back 25 per cent of official cuts, denying average borrowers cuts of $46 a month in repayments allowing the majors to pocket almost $68 million in the past 12 months.


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