National Australia Bank is the first of the big four banks to cut its interest rates, passing on 20 basis points of the central bank’s 25 basis point cut.
NAB will reduce its standard variable home loan rate to 6.38 per cent from December 10, from 6.58 per cent before the cut, while rates on variable business loans will also be cut by 20 basis points.
NAB has promised to offer the lowest standard variable home loan rate of the big four banks. Commonwealth and ANZ would have to cut their rates by at least 22 basis points to match NAB’s offer.
See on www.skynews.com.au