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NAB has retained its price advantage in the cutthroat mortgage market announcing a rate cut late this afternoon.
Just hours after ANZ announced it would pass on the full 25 basis point rate cut to their borrowers, NAB has followed suit. NAB was widely criticised last month when it was the only major not to pass on the RBA's full rate cut.
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Effective from December 16, NAB's new standard variable rate will sit at 7.22 per cent – currently the cheapest of the majors. ANZ is at 7.30 per cent, CBA at 7.56 per cent while Westpac sits at 7.61.
NAB's decision now puts increasing pressure on CBA and Westpac – both of which are yet to move.
