ANZ has become the first major to cut its rates by more than the Reserve Bank.

Earlier this week, the Reserve Bank announced it would trim the official cash rate 25 basis points.

Westpac, National Australia Bank and the Commonwealth Bank of Australia were all quick to move on rates, passing on the full rate cut within hours of the RBA’s decision.

ANZ was the last of the majors to move, waiting til its monthly rate review meeting to make any decision about its interest rates.

At its monthly rate review meeting this morning, the bank decided to cut the interest on its standard variable rate by 0.27 per cent – 2 basis points more than the RBA.

Ref: The Adviser 10/5/2013