Westpac is the first bank that passes on full interest rate cut

Westpac is the first bank that has passed on the Reserve Bank of Australia's 100 basis point interest rate cut to its customers.Westpac's new standard variable rate is 5.91 per cent, effective Monday February 9.
The bank says it will also reduce its 55-day credit card rate by 100 basis points.
The nation's other big banks are yet to announce reductions in home loan rates after the Reserve Bank of AUstralia's announcement at 2.30pm (AEDT).