NAB has today announced that it will pass on the RBA’s full rate cut to mortgage customers. The major bank will reduce its variable rate for home loans by 0.25 per cent. Advertisement This announcement means NAB’s Variable Rate for Home Loans (Standard Variable Rate) will reduce from 5.60 per cent p.a. to 5.35 per cent p.a. NAB group executive personal banking Gavin Slater said in making the decision to change interest rates, the bank considers a range of factors.
The change applies to owner occupier and residential investment variable rate home loans. For owner occupiers with NAB’s Variable Rate for Home Loans (Standard Variable Rate) the rate will reduce from 5.60 per cent p.a. to 5.35 per cent p.a. For residential investors with NAB’s Variable Rate for Residential Investment Home Loans the rate will reduce from 5.75 per cent p.a. to 5.50 per cent p.a. NAB will also reduce its rate on standard variable business rate lending products by 0.25 per cent. The new rates will be effective from Monday 16 May 2016.