All the banks, except SBS have now cut their floating home loan rates and revolving credit rates. RESIMAC remains the market leader, even though it has not reduced its variable rate since the Reserve Bank sliced 25 basis points off the OCR. We'd expect RESIMAC to move and take its floating rate below the 6% mark.
When you look at the table here, where we have sorted it from lowest to highest, it's interesting to note most banks are siting around the 6.50% mark but Westpac is slightly lower at 6.40%.
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