 Bendigo Bank and the Big Five
Australia's major five banks - Commonwealth, NAB, Westpac, ANZ and St George - all dropped their variable rate mortgages by 80 basis points yesterday, and Bendigo Bank also announced the same cut to their variable home loans.
The Reserve Bank of Australia cut official rates by 100 basis points yesterday, but many were doubting whether the big banks would pass on the savings to customers.
Bendigo has lowered its residential variable home loans by 80 basis points to 8.6 per cent for new and existing customers from October 20, the bank said.
All banks will pass on the savings to new and existing customers from October 13, except for Bendigo and National Australia Bank who will wait until October 20.
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