Westpac announced they will cut their standard variable rate home loan by 80 basis points following the Reserve Bank's decision to cut official rates but one full percentage point today.
The rate cut will be effective as of October 13 and brings their standard variable rate down to 8.56 per cent.
The RBA have cut official rates to 6 per cent. The last time rates were cut by one full percentage point was in 1992.
Westpac will continue to monitor the external environment, and our cost of funding position, and will look to pass on further interest rate reductions where possible," Westpac's head of retail and business banking Peter Hanlon said.
Westpac cut their variable mortgage rate by 25 basis points, in line with the RBA's September rate cut.
No other banks have made announcements yet, with Commonwealth Bank, ANZ and National Australia Bank all saying they will consider any rate cuts carefully. But Aussie Home Loans is reported to be considering a rate cut of 75 basis points.
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