Big four still unmoved on rates

THE patience of mortgage holders with Australia's big four banks was still being tested on Thursday with not one of the major financial institutions passing on the Reserve Bank's interest rate cut.

Most the big four banks - Commonwealth, NAB, Westpac and ANZ - have indicated their interest rates were under review.

The RBA surprised most economists when it cut the cash rate by 0.25% on Tuesday.

Bank of Queensland was the first to move almost immediately after the RBA decision, cutting its variable home and business loan rates by 20 basis points.

But that has been the extent of activity since Tuesday.

ANZ reviews its rates on the second Friday of each month and will announce its decision on October 12.

The tardiness of banks in lowering interest rates was the subject of research published in journal the Economic Record.

Banks, it found, were far quicker to pass on RBA interest rate rises than cuts.It also found banks passed on 116% of official cash rate rises, and just 84% of cuts.


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