News: Big Four Banks respond to RBA record low rates

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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.