Bank passes on full rate cut

One of Australia’s banks has decided to pass on the Reserve Bank of Australia’s 25 basis point rate cut in full.

Moments ago, ING DIRECT announced it would pass on the full 25 basis point rate cut to its customers effective from Friday 12 October.

The lender’s most popular home loan product, the Mortgage Simplifier, will now boast an interest rate of 5.97 per cent.

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