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Westpac Banking Corporation (ASX:WBC) has become the last bank to respond to the Reserve Bank of Australia’s decision to cut the key cash rate to a record low of 2 per cent on Tuesday.
Westpac has lowered its headline standard variable mortgage rate by 0.22 per cent to 5.48 per cent, effective from May 18.
National Australia Bank Limited (ASX:NAB) will lower its standard variable rate by 0.2 per cent to 5.43 per cent from May 13, the lowest rate since 1978.
Commonwealth Bank of Australia’s (ASX:CBA) standard variable rate will drop to the lowest level in the bank’s history, down 0.2 per cent to 5.45 per cent.
ANZ Banking Group’s (ASX:ANZ) standard variable rate has been cut by 0.25 per cent to 5.38 per cent from tomorrow.
Westpac Banking Corporation reported a net profit of $3.64 billion in the first half of the 2015 financial year.
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