120 lenders hold back rate cut

ANZ, Westpac and St George Bank yesterday announced they would match Commonwealth Bank and cut the interest rates on their variable rate mortgages by 0.1 per cent. National Australia Bank announced on Tuesday that it would not be delivering any of the latest 0.25 per cent rate cut to borrowers.

One hundred and twenty other banks, credit unions, building societies and non-bank lenders are yet to pass on any of Tuesday's official rate cut to their customers.