NAB follows ANZ in cutting rates again

National Australia Bank yesterday announced interest rate cuts of 0.2 per cent on standard variable mortgages as well as business loans and loans to farmers. The NAB mortgage rate will fall to 8.36 per cent next Monday. "We will do everything we can, while still acting responsibly, to help our customers get through these current challenges," Ahmed Fahour, the chief executive of NAB's Australian division said yesterday. The move by NAB follows a cut by ANZ on Friday of 0.25 per cent to mortgage interest rates. Commonwealth and Westpac are expected to follow suit and announce rate cuts today or tomorrow.

Source: Sydney Morning Herald