Commonwealth Bank to cut rates by 40 basis points after RBA rate cut
The Commonwealth Bank Group will reduce interest rates by 0.4 percentage points per annum from May 11. The bank’s new standard variable rate is 7.01%.
“In making this decision, the group has continued to balance the interests of its 1.8 million home loan borrowers with those of its 11 million depositors, and those of its shareholders, who include 800,000 Australians who own its shares directly, and millions more Australians who own shares through pension funds,” the bank advised.
NAB cut its rate by 0.35 percentage points to 6.99% yesterday, with the cut to take effect May 4.
Jonathan Chancellor
Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.
