Proceeding the Reserve Bank rate cut by 50 basis points to 3.75% on Tuesday, CBA and NAB have been the quickest to pass on a rate reduction.

CBA said it would pass on 40 basis points of the 50 basis point RBA cash rate reduction, bringing its standard variable rate down to 7.01%.

NAB has also cut its standard variable rate by 32 basis points to 6.99% with ANZ saying they will not announce their decision until next Friday.

It is important to remember that rates are only part of what should be considered when determining a lender and often, policy, product suite and suitability of a lender which be much more important.

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