St George opts not to pass on full cut

St George Bank has announced it will cut its standard variable home loan rate by 20 basis points.

The new rate will be 6.49 per cent, effective from December 17.

The move comes after the Reserve Bank cut the official cash rate by 25 basis points on Tuesday.

Westpac, NAB, and the Commonwealth Bank have already announced they will cut their rates by 20 points.

At 3 per cent, the official cash rate is at its lowest level since 2009, and the equal lowest since the RBA first published a target in 1990.

ANZ says it will announce its response to the Reserve Bank's decision next Friday.

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