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Big cuts for borrowers as savers continue to miss out

Savers are experiencing lower rates as some of the big banks battle it out for home loans.

The Commonwealth Bank has slashed its fixed rated by up to 90 basis points while Westpac has eased its borrowing requirements by cutting its serviceability floor.

The Reserve Bank is expected to cut interest rates again at next Tuesday’s meeting.

But there’s bad news for savers as banks continue to cut rates.

RateCity’s Sally Tindall tells Deborah Knight ANZ has lowered savings rates.

“When you’re talking about rates as low as 0.10 per cent as an ongoing savings rate from ANZ, well, there’s not much wiggle room to move.

“At that kind of rate you’re really just putting your money in the bank to keep it safe.”

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Deborah Knight