NAB keeps part of the rate cut
National Australia Bank will pass on to home loan borrowers only 20 basis points of the Reserve Bank's 25 basis point cash rate reduction.
ANZ joined Commonwealth Bank and Westpac yesterday when it announced that it would cut its variable mortgage rate by 25 basis points.
The state of play among the Big Four is that NAB's standard variable rate will fall to 7.47 per cent, ANZ's to 7.55 per cent, CBA's to 7.56 per cent and Westpac's to 7.61 per cent.
NAB is positioning itself for continued mortgage growth, but not at the same rate as over the past year. The risk it runs is that negative consumer sentiment will muck up its plans.
Source: Banking Day