❓ Hon. Tjorn Sibma questions the delay in Keystart passing on the RBA's interest rate cut compared to major banks, inquiring about the operational issues and financial benefits of the delay. The Minister's response cites due diligence and regulatory obligations.
AnsweredQoN 315Legislative Assembly
QuestionView source ↗
Keystart—Interest rates
315. Hon Tjorn Sibma to the parliamentary secretary representing the Minister
for Housing and Works:
I refer to the decisions
by ANZ, CommBank and the NAB to pass on the Reserve Bank of Australia's 25
basis point reduction in the official cash rate to their mortgage products on
30 May. I further note Westpac's decision to pass on the cut on 3 June.
Comparatively, I note Keystart's decision to wait until 10 June before passing
on the cut.
(1) What "operational"
issues mentioned in the minister's answer to my 27 May question will result in Keystart
passing on its interest rate cut to customers between seven and 10 days later
than the big four banks and a host of smaller lenders across the country?
(2) What is the financial benefit to Keystart in
delaying the implementation of the rate cut to its customers by a week?
315. Hon Tjorn Sibma to the parliamentary secretary representing the Minister
for Housing and Works:
I refer to the decisions
by ANZ, CommBank and the NAB to pass on the Reserve Bank of Australia's 25
basis point reduction in the official cash rate to their mortgage products on
30 May. I further note Westpac's decision to pass on the cut on 3 June.
Comparatively, I note Keystart's decision to wait until 10 June before passing
on the cut.
(1) What "operational"
issues mentioned in the minister's answer to my 27 May question will result in Keystart
passing on its interest rate cut to customers between seven and 10 days later
than the big four banks and a host of smaller lenders across the country?
(2) What is the financial benefit to Keystart in
delaying the implementation of the rate cut to its customers by a week?
AnswerView source ↗
I thank the
honourable member for some notice of the question. The following information
has been provided by the minister.
(1)–(2) Keystart undertakes due diligence
in line with its regulatory obligations and this timeframe aligns with
institutions of a similar scale.
honourable member for some notice of the question. The following information
has been provided by the minister.
(1)–(2) Keystart undertakes due diligence
in line with its regulatory obligations and this timeframe aligns with
institutions of a similar scale.
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