NAB cuts loan rates by 0.32 per cent

National Australia Bank will pass on only 32 basis points of the 50-point cut this week to the official cash rate.

NAB group executive personal banking Lisa Gray said her bank moved quickly to give its 800,000 home loan customers certainty.

“We will continue to offer a fair exchange of value, balancing rising funding costs, the needs of our existing customers and our ability to continue lending to home owners and business,” Ms Gray said.

She said NAB would lower its rates further to beat its major rivals if they passed on the full 50-point rate cut.

Source: Herald Sun