3 days ago
How banks are responding to the Reserve Bank decision to cut interest rates
The Reserve Bank of Australia (RBA) cut the cash rate by 0.25 percentage points at the August monetary policy meeting.
That means the RBA's cash rate target is now 3.60 per cent.
Here's a breakdown of how Australia's Big Four banks have responded to the decision.
We'll be updating this story as information comes through, so check back later if you don't see anything about the bank you're after.
The Commonwealth Bank was the first bank to announce the cut in a statement.
CBA Retail group executive, Angus Sullivan, said: "With now three rate cuts this year, Australian borrowers are getting some breathing room back in their budgets," he said.
"We can see people are responding to lower interest rates in different ways — some are covering everyday costs a little more comfortably, others are getting ahead on their home loans."
We are waiting on the ANZ, Westpac and NAB to respond to the news.
Here's a list of some of the other major lenders in Australia.
Don't see your bank listed here? It's probably worth checking their website and email correspondence, giving them a call or visiting a branch.
The federal government's financial guidance website Moneysmart gives advice on this.
It says before you switch, you should consider the following:
