Australia’s big four banks have passed on a percentage of the latest cut in the official cash rate.
On Tuesday the Reserve Bank ordered a decrease of 25 basis points to 1.5 per cent.
News.com.au reported NAB will pass on 10 basis points to its customers, taking its standard variable rate for home loans to 5.25 per cent.
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ANZ will cut its rate by 12 basis points while Westpac will reduce its standard variable rate by 14.
The Commonwealth Bank will reduce its standard variable mortgage rate to by 13 basis points to 5.22 per cent from August 19.
The latest downward movement means customers will save $38.41 a month on a $500,000 loan, $30.73 on a $400,000 loan or $23.05 on a $300,000 loan, according to a Canstar analysis.
By comparison, the average borrower across all lenders stands to save $70.66 a month on a $500,000 loan, $56.53 on a $400,000 loan or $42.40 on a $300,000 loan.