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Just moments after the Reserve Bank announced it would cut the official cash rate by 25 basis points, one of the majors has announced it will pass on the full rate cut to borrowers.
In an announcement on its Twitter feed, National Australia Bank said it would cut its standard variable rate by 25 basis points.
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The rate cut takes NAB’s SVR to 6.13 per cent.
“The change will save NAB customers $62.50 on the average home loan per month,” NAB’s Twitter read.
The new rate is effective from Monday 13 May.
This is the first time in a long time that one of the majors has chosen to pass on the RBA’s rate cut in full.
