Big banks are cutting loan rates
National Australia Bank will cut variable home loan interest rates by 0.25 per cent, effective from 16 May 2016, following the Reserve Bank’s May rate cut. NAB’s owner-occupier Variable Rate for Home Loans (the Standard Variable Rate) will reduce from 5.60 per cent p.a. to 5.35 per cent p.a.
NAB’s Variable Rate for Residential Investment Home Loans will fall from 5.75 per cent p.a. to 5.50 per cent p.a.
Commonwealth Bank and Westpac are also cutting mortgage rates by 0.25 percentage points, effective from the 23 May 2016.
Source: Mortgage Business