|
|
|
Westpac, Rabo & Elders cut rates for farmers
15 Oct 2008
Westpac is still the only big bank to pass on rate cuts to farmers. "We''ll cut our overdraft and term lending for business, including our rural customers, as from Monday (this week)," a Westpac spokeswoman said. The other major banks have so far withheld rate cuts from all business customers. Specialist rural lender Rabobank Australia said yesterday its variable business lending rate would fall by 0.8 per cent from next Monday. Elders Rural Bank said it would cut its variable business rates by 0.5 per cent and suggested that more cuts would follow when funding costs eased. Agriculture Minister Tony Burke said the banks should pass on "as much as possible" to rural borrowers. Commonwealth, ANZ and NAB have all said their business lending rates are under review.
The Weekly Times, 15/10/2008
|
|
