P&N Society vow to pass on full rate cut

The state's largest credit society, Police & Nurses Credit Society, has pledged it will pass on in full any rate cut made by the Reserve Bank of Australia at its upcoming November meeting.

The society is the first financial institution to make such a commitment.

P&N said it will also pass on a 0.2 per cent per annum reduction on all its variable home loan interest rates, effective from November 10.