NAB cuts standard variable home loan rate by 100 basis points =3D2
02 Dec 2008 3:10 PM
SYDNEY, Dec 2 AAP - National Australia Bank Ltd, the country's biggest bank by assets, cut its standard variable home loan rate by 100 basis points.
NAB's cut followed the Reserve Bank of Australia's 100 basis point reduction to the overnight cash rate to 4.25 per cent.
NAB's new standard variable home rate will be cut to 6.74 per cent, effective December 12, the Melbourne-based bank said in a statement.
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NAB will also reduce its variable business lending rates by one percentage point.
"Wholesale funding costs continue to be elevated and intense competition with term deposits remains due to the difficulty in accessing overseas capital markets," NAB's chief executive for Australia Ahmed Fahour said in the statement.
"However, our steady growth in deposits and the strength of NAB has contributed to us being able to pass on this months full rate cut to customers."
