Banks set to budge on rates

THREE of the big four banks have broken their silence regarding Tuesday's Reserve Bank interest rate cut.

NAB, ANZ and Commonwealth have joined smaller lenders such as Heritage and Bank of Queensland in announcing they will pass on the full reduction to their customers.

Westpac remains the lone wolf and is yet to announce where their customers stand on the matter, three days after the Reserve Bank's decision to lower rates by 0.25 percentage points.

Warwick Credit Union CEO Lewis von Stieglitz told the Daily News earlier this week that the WCU's decision would not be made until Monday.

However, Mr von Stieglitz did say he was hopeful the cut would be able to be passed on to the credit union's customers.


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