The Reserve Bank (RBA) reduced the OCR by 25 basis points to 4.1% on Tuesday, the first adjustment since maintaining rates at 4.35% in November 2023 to stabilise the economy.
CBA has lowered interest rates by 0.25% per annum across various business lending products, effective from Feb. 28. This includes cuts in the variable base rate, residential equity rate, and overdraft reference rate, each reduced by 25bp.
CBA is extending multiple support mechanisms to businesses facing economic challenges.
“Businesses are the lifeblood of Australia’s economy, and they’ve shown remarkable resilience in what has been a challenging environment,” said Mike Vacy-Lyle (pictured above left), CBA group executive business banking.
The bank is offering relief options such as waiving merchant terminal rental fees and allowing deferred payments on business loans.
CBA also continues to support its business clients with tools such as the Business Cash Flow tracker and Bill Sense in the CommBank app, designed to help manage finances effectively.
Businesses in need can also contact CBA’s business financial assistance team for support.
NAB has reduced its standard variable home loan rate by 0.25%, effective Feb. 28, aligning with the RBA’s recent cut.
Ana Marinkovic (pictured above right), NAB group executive of personal bank, said the bank was committed to supporting its customers during tough economic times.
“We are very pleased to deliver this rate cut to home loan customers – we understand how tough it’s been for many Australians,” Marinkovic said.
This rate reduction is part of NAB’s broader strategy to respond quickly to changes in the RBA’s policy to offer immediate relief to its customers.
