Two days after the RBA rate cut we are still awaiting the interest rate decision from both Westpac and ANZ. CBA announced a 40 basis point cut to it’s standard variable rate. ING was not able to match this with an announcement of 30 basis points.
Westpac is set to announce it’s rate cut tomorrow, with a lot of pressure being put on the bank to pass on the full cut to assist its current borrowers.
ANZ is sticking to it’s rate announcement timetable of the 2nd Friday of every month, so customers will be left hanging for another week.
The four major banks have posted profits of almost 12 billion in the last 6 months alone, their interest rate arguments are getting tired and unacceptable.
One thing is for sure, this interest rate market will be seeing many specials and deals in the coming months in favour of customers.