Commonwealth Bank of Australia
(ASX:CBA) has become the first of the Big Four Banks to pass on the Reserve Bank of Australia’s rate cut.
CBA has lowered its standard variable rate on mortgages by 0.25 per cent to 5.65 per cent.
The bank’s five-year and three-year fixed mortgage rates have been lowered to 4.69 per cent.
The move comes after the RBA yesterday lowered its official cash rate by 25 basis points to a record low 2.25 per cent.
Westpac Banking Corporation
(ASX:WBC), National Australia Bank Limited
(ASX:NAB) and ANZ Banking Group
(ASX:ANZ) are yet to announce their decisions.
Commonwealth Bank reported a record net profit of $8.65 billion in the 2014 financial year.
