Westpac and Citibank have announced plans to pass on the recent 0.25% cut in the official interest rate to business customers. Other key lenders – including National Australia Bank (NAB), Commonwealth Bank and ANZ – have yet to implement similar adjustments, despite revealing their intentions to cut rates on homes loans and credit cards. New and existing Westpac customers will benefit from a 0.25% cut ion rates as of December 12, with the bank slicing its indicator lending rate to 8%. Citibank's clients will have to wait another five says before they benefit from the reduction, although they will receive a marginally higher cut of 0.26% across most key business lending rates. The rates charged on the US-based bank's 'Business Power Plan' loans will drop to between 6.05% for a seven-year facility to 7.49% for a three-year term. Citibank also has dropped its commercial mortgage rates by up to 26 basis points, effective December 17. The new rates vary from 7.19% over four years to 7.79% over three years. To check out the latest comparisons of interest rates and fees applying to a range of business loans and transaction accounts, click here.