(Reuters) -Australia’s “Big 4” banks decreased their home loan variable interest rates by 25 basis points per annum on Tuesday, following the central bank’s quarter-point cut.
The Reserve Bank of Australia (RBA) cut its main cash rate to 3.85% from 4.1% earlier in the day, citing a darker global outlook and cooling inflation at home.
“Inflation is in the target band and upside risks appear to have diminished as international developments are expected to weigh on the economy,” the board said in a statement.
Commonwealth Bank of Australia, Westpac, NAB and ANZ Group lowered the home loan rates for their customers, with the new rates coming into effect between May 30 and June 3.
(Reporting by Sneha Kumar in Bengaluru; Editing by Varun H K)
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