Big banks announce cuts following RBA decision, but it’s smaller lenders you should be watching

The big four banks are all holding back part of the RBA’s rate cut, bolstering profit margins but testing the friendship of customers.. Within minutes of the RBA decision to cut to the cash.

The other big banks were more generous. Both Commonwealth Bank and NAB announced they would be cutting the full 0.25% off their range of variable rate home loans – impressive considering the two didn’t cut more than 0.13% following 2016’s rate cut.

The Bank of Queensland was the first to move, dropping its variable rate by 0.35%, with NAB being the first of the Big Four lenders to announce a variable rate drop (0.32%). The Commonwealth Bank went on to trump NAB with its 0.4% cut, but this still fell short of the full 0.5% that had been called for.

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Westpac was the last of the big four to announce changes following the RBA’s announcement, and like ANZ, it has not passed on the full 25 basis point rate cut. It has, however, cut rates by more than ANZ’s 18 basis points, reducing variable rates by 20 basis points for owner-occupiers.

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The Reserve Bank of Australia has cut interest rates by another 0.25 per cent, following its first cut since August 2016 just last month. This brings the new cash rate to 1 per cent. However, while a record low, the decision was not a surprise. The National Australia Bank had tipped three rate cuts.

All four big banks have passed on the Reserve Bank of Australia’s 0.25% interest rate cut to mortgage holders, lowering their standard variable rates, after Treasurer Wayne Swan called on the big four major lenders to cut their rates, complaining that the banks couldn’t justify ignoring the RBA’s cut while also delivering record annual profits.

The Stoxx Europe 600 Index climbed 0.3 per cent following its best month. how it will help lenders plug their 14.4 billion capital shortfall. Picking a cup winner easier than RBA: While economists.

What rate cuts mean for investors. The pressure is now on for the other two big banks, ANZ and NAB, to pass on the full rate to its customers. ANZ said it will announce a decision by Friday. Smaller banks Bank of Queensland, ING Direct and ME Bank all passed on the full 25 basis points yesterday following the RBA’s move.

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