(4 October 2012 – Australia) The big four played the waiting game following the Reserve Bank of Australia (RBA)’s decision to lower the official cash rate by 25 basis points to 3.25 percent on Tuesday.Commonwealth Bank of Australia (CBA) and Westpac confirmed that ”rates were under review” after the RBA made its decision, while National Australia Bank (NAB) pledged to offer the lowest rates among the big four.
ANZ is expected to announce its decision on mortgage rates on October 12, in keeping with its policy of announcing rates on the second Friday of each month.
The only bank that reacted to the RBA’s decision was Bank of Queensland (BoQ), with chief executive Stuart Grimshaw saying a 20-basis point reduction was the best balance.
”Given the continuing pressure on the cost of funding, a 20-basis-points reduction is the best balance between our customers and shareholders,” he said.