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CBA and NAB pass on partial cut

NAB announced earlier this afternoon that it will lower its standard variable mortgage rate by 20 basis points, effective from Monday, rather than matching the Reserve Bank's 25-basis-point cut.
NAB announced earlier this afternoon that it will lower its standard variable mortgage rate by 20 basis points, effective from Monday, rather than matching the Reserve Bank's 25-basis-point cut. Kieran Salsone

THE Commonwealth Bank has matched NAB's decision to pass on only four-fifth's of the Reserve Bank's interest rate cut.

NAB announced earlier this afternoon that it will lower its standard variable mortgage rate by 20 basis points, effective from Monday, rather than matching the Reserve Bank's 25-basis-point cut.

The Commonwealth Bank has matched NAB's move, with a 20-basis-point cut effective next Friday.

The move will leave NAB's standard variable mortgage rate at 6.58 per cent, the lowest of the big four, while the Commonwealth will be at 6.6 per cent.

ANZ still has the opportunity to upset NAB's "lowest rate" marketing campaign if it passes on a rate cut of 22 basis points or more when it makes its latest rates decision next Friday.

Read more at ABC news online.

Topics:  cash rate cba interest rates nab rba



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