Following a stroke of marketing genius, Unicredit WA is set to become the fifth pillar in Australian banking. From Banking Day:
bankmecu yesterday cut its standard variable home loan rate by 30 basis points, to 6.64 per cent.
So far the only lender to cut its standard variable mortgage rate by 50 basis points is Unicredit WA, whose new rate is 6.1 per cent.
On Friday, Westpac cut its standard variable rate by 37 basis points, to 7.09 per cent. The bank said most customers would pay the Premier Advantage Package discount rate of 6.39 per cent.
Westpac cut its variable business loan rate by 50 basis points.
Also on Friday, St George Bank announced that it would cut its rate by 38 basis points, to 7.04 per cent.
CUA cuts its rate by only 25 basis points and is offering a standard variable rate of 6.47 per cent.
ING Direct cut its rate by 30 basis points. Its most popular product, Mortgage Simplifier, will drop to 6.42 per cent.
NAB cut its rate by 32 basis points to 6.99 per cent.
Commonwealth Bank cut its rate 40 basis points, to 7.01 per cent. UBank also cut its rate by 40 basis points, to 5.83 per cent.
Bank of Queensland cut its rate by 35 basis points, to 7.11 per cent. Bendigo Bank also cut its rate by 35 basis points, taking its rate to 7.1 per cent.
