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Ty
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Variable Interest Rate cut by only 0.10% when reserve Bank cuts rate by 0.25%

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Posted by Ty Ty
Message 1 of 2 336 Views

Dear Bankwest,

I am not sure why you only pass on 0.10% rate cut when the reserve Bank has cut the official rate by 0.25% and you have given no substanciated explanation as to why other than your latest post on the website which is about as vaige as you can get and certainly appears to me and by others that you indeed cannot substanciate this, The Prime Minister of Australia has told you to pass on the full 0.25% but clearly your not taking any notice to him nor your valued customers.

Your Sister Bank Commonwealth is reducing rates by 0.13% ????

 

 

 

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Re: Variable Interest Rate cut by only 0.10% when reserve Bank cuts rate by 0.25%

Posted by LyndsC LyndsC
Message 2 of 2 313 Views

Hi @Ty, w@Ty, while the RBA influences short term interest rates, other factors such as the demand for deposits and market competitiveness can also affect what banks have to pay when they raise money. For these reasons and more, we can’t always match the RBA cash rate.

 

In regards to your question about Commonwealth banks rate reduction, Bankwest and CBA price independently of each other as we have different customers with different lending and deposit products. Bankwest needs to balance the needs of our borrowers, by providing the best possible price on their mortgage and business loans, with the interests of our lenders by rewarding depositors and other providers of funding.

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