澳洲Banks lower rates

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The big four banks will lower their variable home loan rate by 0.8 of a percentage point, passing on most but not all of this afternoon's surprise decision by the Reserve Bank to cut the official cash rate by 1 percentage point.

Westpac was first out of the blocks, announcing less than two hours after the RBA's move that it will lower its standard variable home loan rate by 0.8 of a percentage point, or 80 basis points, to 8.56%, effective October 13.

Later in the afternoon, the Commonwealth Bank followed suit, saying that it was cutting its standard variable home loan rate also by 0.8 percentage points to 8.53% and its basic variable home loan from 8.82% to 8.02%, effective October 13 for new and existing customers.

Shortly thereafter, National Australia Bank and ANZ Bank reduced their standard variable home loan rates also by 80 basis points to 8.56% and 8.57% respectively. ANZ's cut is effective next Monday, while NAB customers will have to wait  until October 20.

The RBA slashed the official cash rate by 1 percentage point, to 6%, its biggest cut in over 16 years and double the amount the market was expecting.

"Westpac will continue to monitor the external environment, and our cost of funding position, and will look to pass on further interest rate reductions where possible,'' Westpac's head of retail and business banking Peter Hanlon said.

"Since the beginning of September this year, term funding costs have increased to the highest levels seen since this crisis began over 12 months ago.''

Westpac said about 50% of the bank's lending was funded with deposits, with the remaining 50 per cent of funding coming from short and long term borrowing in Australia and overseas.

The bank said the cost of its funding base had increased materially over the past year, and most notably in the last few weeks.

Commonwealth's head of retail banking services, Ross McEwan, said, the bank was reducing rates as much as possible, given the high wholesale and offshore funding costs.

"While we are not reducing our variable home loan rates by as much as the RBA reduction, we do expect global financial markets to normalise over time and once that does occur we will be able to reduce rates by more than the RBA adjustments," Mr McEwan said. "Our customers can also expect out of cycle interest rate reductions.''

NAB chief executive for Australia Ahmed Fahour said the bank had absorbed about half of the rising cost of funding.

"We will continue to monitor wholesale funding markets and any future interest rate decisions will reflect an assessment of the total cost of funding,'' Mr Fahour said.

Aussie Home Loans director John Symond said home loan lenders are likely to pass on three-quarters of today's official interest rate cut to borrowers. The lender said it would cut its variable home loan rate by 0.75 of a percentage point, or 75 basis points.

Mr Symond said the RBA move was good news for home borrowers who can expect to see most of the cut passed on to them.

"It's a bold move that signals just how serious the global credit crunch is and the RBA has to be commended with this bold move,'' Mr Symond told Sky News.

The Housing Industry Association said the cut provided a glimmer of hope for both mortgage holders and aspiring first home buyers.

The Reserve Bank of Australia (RBA) cut its key rate to six per cent from seven per cent, its biggest cut in over 16 years.

Falling interest rates over the next year may provide some assistance in pegging the gap between underlying and effective demand for housing, HIA policy chief executive Chris Lamont said.

"Housing affordability remains far too low,'' he said. "Increases in interest rates were the final straw for many current and aspiring home buyers - rate cuts will provide some necessary relief.''

He said notwithstanding uncertainties in the economy, further rate cuts over the next 12 months would provide greater opportunities for Australians to get into home ownership.

"ut simply, if you can afford to get into a home of your own don't delay,'' he said.

He said a full percentage point reduction in mortgage interest rates over time meant a saving of $215 per month on a $300,000 mortgage, or almost $2600 per annum.

BusinessDay, with Georgina Robinson, SMH Online, and wires
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