THE Greater Building Society has passed on 60 per cent of the interest rate cut delivered by the Reserve Bank of Australia.
The RBA yesterday cut the rate by 50 basis points to 3.75 per cent.
But the euphoria surrounding the cash rate cut was short-lived because the majority of banks and building societies’ had not responded by following the RBA’s lead.
The Greater lowered its interest rate by 30-basis points and its standard variable home loan rate is now 6.6 per cent.
Standard variable rate loans at CBA drop to 7.01 per cent, effective from Friday, May 11. Notably, the bank did not reveal its rate changes for deposits, saying those rates remain under review.
Today's CBA move outpoints NAB, which yesterday cut 32 basis from its borrowing rates. Westpac and ANZ are yet to announce their decisions, with Westpac planning to reveal their decision tomorrow and ANZ on May 11, next Friday.