NAB joins CBA in full 0.25% rate cut to historic lows

NAB has announced they will reduce all standard variable rate (SVR) home loans by 0.25% per annum, in line with the RBA announcement.

As a result the bank’s SVR will be the lowest it has been in more than 40 years.

Mike Baird, Chief Customer Officer – Consumer Banking said, “we strongly believe reducing rates is the right thing to do by our customers and reflects our focus on earning trust in the community and rewarding our loyal existing customers."

“This will save owner-occupier customers making principal and interest repayments on a $400,000 home loan about $62 per month or $744 per year, which will provide more money in household budgets for other expenses at a time when cost of living remains challenging,” Mr Baird added.

NAB will reduce all standard variable rate home loans by 0.25% per annum, making it their lowest rates they've offered in more than 40 years.

(Source: NAB)

NAB are the third of the Big Four banks to reduce rates following the announcement and the second to reduce rates at an equal amount to that of the full RBA rate shift as CBA did.

ANZ, the first of the Big Four to announce rate reductions, will only reduce SVR loans by 0.18 basis points.