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Major banks cut rates by 80 basis points
7-October-08
Written by Rebecca Lawson

Australia's four major banks have today announced they would pass on most of the Reserve Bank of Australia's stunning 100 basis point cut.

The RBA surprised the market today with a 1 per cent cut to the overnight cash rate to 6 per cent, effective from tomorrow.

Westpac Banking Corporation was the first of the three to reduce its standard variable home loan rate by 80 basis points to 8.56 per cent, which will come into effect from October 13.

The move was followed by Australia's biggest mortgage lender Commonwealth Bank of Australia Ltd, which reduced its standard variable home loan rate by 80 basis points to 8.53 per cent.

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