RBA FEBRUARY 2025 RATE CUT: BANKS YET TO PASS ON CUTS Source: https://www.realestate.com.au/, Tim McIntyre, First Published Feb 21st, 2025 The big four banks were quick to act following the RBA’s first rate cut in more than four years, but what about the borrowers not with the big four? A new analysis by Finder has found up to two-thirds of Australian lenders have yet to announce plans to drop their rates. The 25-basis-point reduction to the official cash rate announced on Tuesday, brought it down to 4.10 per cent from 4.35 per cent. It was the first rate cut since 2020 and follows 13 consecutive hikes that pushed rates to their highest level since 2011. Commonwealth Bank, ANZ, NAB and Westpac quickly announced they would implement the full 25-point reduction. Collectively, the big four hold $1.546 trillion in owneroccupied mortgages – or nearly 72 per cent of the market – according to Finder’s analysis of Australian Prudential Regulation Authority (APRA) data. Australian mortgage holders could save $103 a month if the rate cut is passed on in full by their lender, based on the average home loan of $641,416. Opening Lines 5 BUSINESS VIEW OCEANIA VOLUME 07, ISSUE 02
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