Borrowers at three of the major banks will not have their repayments lowered despite the Reserve Bank of Australia interest rate cut last week unless they tell their lender to specifically reduce them.
National Australia Bank, Commonwealth Bank and ANZ pushed through last week’s official cash rate cut to customers on Friday, by reducing the variable home loan interest rates that calculate accrued interest.
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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
