More banks move rates

As more lenders continue to move on rates, one thing is becoming very clear: no lender is prepared to pass on the full rate cut to borrowers. In the last few days, BankSA cut 38 basis points from its standard variable rate to 7.04 per cent, while St George also cut 0.38 per cent from its SVR, taking it to to 7.04 per cent effective from May 14. Bendigo Bank cut its rate by 0.35 per cent and CUA passed on half of the Reserve Bank’s 50 basis point cut by slashing 25 basis points from its standard variable rate. One of the biggest interest rate cuts so far is the Bank of Melbourne, which passed on a 0.41 per cent rate cut to borrowers.


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