Mortgage relief greets Australian homeowners
Thousands of residential property owners around the country have received mortgage relief following on from last week's interest rate cut.
Since the Reserve Bank of Australia (RBA) slashed the cash rate by 25 basis points to 3.25 per cent last Tuesday (October 2), three of the big four banks have announced they will pass the cut onto mortgage holders.
National Australia Bank was the first of the major financial institutions to reduce its interest rates - cutting its standard variable home loan rate by 20 basis points to 6.58 per cent - five basis points short of the full interest rate cut.
Westpac and Commonwealth Bank also confirmed they will slash rates, with the former passing on a cut of 20 basis points to 6.6 per cent and the latter reducing rates by 18 basis points to 6.71 per cent.
ANZ is last of the big four yet to react to the change of interest rate cuts, with the bank expected to update its mortgage rate on October 12 in line with its policy to make announcements on the second Friday of each month.
The Bank of Queensland was the first bank to make its announcement regarding the RBA's decision - cutting rates by 20 basis points to 6.71 per cent.
ING Direct has confirmed it will pass the full cut on by October 12.