Three of the big four announce interest rate cuts

Westpac, CBA and NAB have all announced cuts to their standard variable home loan rates by 20 out of the 25 RBA basis points – leaving ANZ to play catch-up.

Westpac's standard variable rate will fall to 6.51% on December 17, while CBA's drops to 6.4% on December 10.

NAB, the ifrst of the big four to announce a cut, will see their rate decrease to 6.38% from December 10, along with variable business loan rates which will also be cut by 20 basis points.

ANZ is expected to announce its final decision next Friday.

The moves came a day after the Reserve Bank cut its cash rate by 25 basis points to 3.0%.