Did RBA cut rates today?
The Reserve Bank board decided to lower the cash rate by 0.25 percentage points to 0.50 per cent today, 3 March 2020..
Did NAB pass on interest rate cut?
NAB has become the third of the ‘big-four’ banks to declare that they will pass on the interest rate cuts announced today by the RBA. … They’ve now passed on every RBA rate cut.
What interest rate cuts mean?
An interest rate cut generally means that the economy has fallen into recession. In response to recession, the Fed targets lower interest rates that encourage people to take out loans and invest money.
Which banks passed on RBA rate cut?
Westpac, Commonwealth Bank, National Australia Bank and ANZ Bank all moved to provide their mortgage customers with full relief after the Reserve Bank cut the cash rate to a new historic low of 0.5 per cent. Westpac and NAB also passed the 25 basis point cut through to business customers.
Has Macquarie Bank passed on the rate cut?
Commonwealth Bank has passed on the entire 0.25 per cent rate cut. … Macquarie Bank announces it will reduce variable interest rates by 0.25 per cent. Athena Home Loans announces it has immediately passed on the RBA rate cut in full to new and existing customers.
Has bankwest passed on the interest rate cut?
Bankwest has today announced it will reduce home loan interest rates on Standard Variable Rate (SVR) mortgages by 0.25% p.a., effective as of 25 June 2019.