CBA cuts rates by 0.4%

THE Commonwealth Bank this morning cut 40 basis points from its standard variable home loan rate.

While the move will come as a welcome relief for the bank's home loan customers, it is still 10 basis points less than the Reserve Bank of Australia's 0.5% cut to the cash rate on Tuesday.

The Commonwealth's variable rate will drop to 7.01% from May 11. The cut will not apply to business loans and credit cards. The bank says it is reviewing its rates on other products, including savings accounts.

It means two of the big four banks have reduced their variable rates since Tuesday.

NAB cut its variable rate by 0.32%, effective tomorrow.

The bank decided to cut 50 basis points from its online savings account to 5%, while it also trimmed 0.25% from its credit card interest rates.

ANZ will review interest rates when it meets on May 11. The bank announced a $2.9 billion half-year profit on Wednesday.

Westpac is yet to announce whether it will cut it interest rates. The bank also announced a near $3 billion half-year profit this morning.

Bank of Queensland was the first lending institution to pass on some interest rate relief - a 0.35% cut - following the RBA's decision.

Topics:  commonwealth bank, interest rates, reserve bank




Local Real Estate

finda logo
Featured Real Estate
Tweed River Frontage $399,000
House 3 1
Large Waterfront... $299,000
Residential Land 0 0
BEACHSIDE BARGAIN $240,000
Unit 1 1 1
Great Location ... $310,000
Unit 1 1 1

Featured Jobs

finda logo

Tweed jobs listed daily


Featured Jobs
Spirelight Brand... Tweed Heads Full Time
CASUAL DISTRIBUTION... $150.00
CASUAL DISTRIBUTION Deliver catalogues in your local area. Up to $150 per ...
ballina shire council... $73500.00
ballina shire council Don't miss your chance to change your lifestyle. This ...
WANTED: CATERING MANAGER... WANTED: CATERING MANAGER Required to manage newly opened food outlet and catering ...
Junior Developer Bangalow Full Time 45,000 - 45,000 PerAnnum
Carpentry Framing Robina Temporary
$$ CASH $$ Catalogue... $$ CASH $$ Catalogue Distributors needed. Drop and collect catalogues and deliver ...
COOK REQUIRED FOR INDIAN... COOK REQUIRED FOR INDIAN RESTAURANT Applicants should be suitably qualified in all ...
Cleaner/Yardsman Kingscliff Casual
WANT TO START YOUR OWN... WANT TO START YOUR OWN SMALL BUSINESS? If you are unemployed but ...


Local Partners

LATEST DEALS AND OFFERS

Job Listings

Search for your next job now.
Learn More

Cars For Sale

Find cars for sale online now.
Learn More

Property Listings

Post an ad from $30
Learn More

Local Profile

Stay Connected

Get the news as it happens, in your inbox

You can change the newsletters you are subscribed to when you edit your profile

Edit Profile


Special Offers

Latest deals and offers

Horoscopes

Virgo

You are not feeling too connected to others right now. Don’t try to pretend you are enjoying the conversation. It’s best to bow out...

read more

Marketplace

Special Offers & Promotions

Compare & Save