SYDNEY, Oct. 8 (Xinhua) -- Australia's St George Bank announced Monday that it would cut its variable home loan rates by 17 basis points to 6.69 percent, after the Reserve Bank of Australia's decision to cut the cash rate by 25 basis points on Oct. 2.
The new rate takes effect from Oct. 15, St George said.
On Friday, three of Australia's four big banks announced their interest rate cut decisions.
National Australia Bank and Commonwealth Bank both cut 20 basis points, leaving their standard variable rates at 6.58 percent and 6.6 percent respectively, while Westpac, the owner of St George, cut its standard variable rate by 18 basis points to 6.71 percent.
ANZ Bank, one of the big four banks, will announce its decision after its regular monthly meeting on Oct. 12.