NAB first of big four banks to cut rates with 0.32 percentage point cut - and it's from Friday
NAB has become the first of the big four banks to announce its standard variable home loan interest rate reduction after yesterday's RBA interest rate cut of 50 basis points.
The bank will cut its standard variable home loan rate by 0.32 percentage points to 6.99% pa. The new NAB standard variable home loan rate will be effective from Friday, May 4. ANZ won't be making its announcement on its rates until Friday, May 11.
The bank tweeted its announcement at 3.45pm on Wednesday.
In its subsequent press relaase NAB Personal Banking executive Lisa Gray said NAB had offered the lowest standard variable home loan rate of the major banks for 34 months and was committed to staying the lowest of the majors for 2012.
“Decisions on lending rates are not taken lightly, but we are determined to provide our customers with certainty through our commitment to stay the lowest of the major banks for the rest of 2012."