Westpac slice 20, CBA slices 21 (updated)

Advertisement


Australia’s biggest building society, the Westpac branch of Megabank, has announced its cutting its key lending rate by 20 basis points – or 0.2%, keeping 5 basis points of the RBA cut from earlier this week.

That equates to a standard variable rate of 6.89%, but in reality the discount rate is 0.7% lower at 6.19%.

Update: CBA has now announced a 21 basis point cut in their standard rate.

We await the last division of Megabank, NAB to report.

Advertisement