- February 5, 2015
- Posted by: admin
- Category: Enconomy, Finance News, Financial goals, First Home Buyer, Home loan product, Inflation, Interest rate, Investment Property, Property Renovation, Self Managed Super Funds, Wealth
National Australia Bank has become the third major lender to pass on the Reserve Bank’s rate cut in full.
NAB today announced it would cut its standard variable home loan rate by 25 basis points to 5.63 per cent per annum.
The major bank said home loan customers will save an average $62.50 a month in interest after the RBA rate cut is passed on.
This means NAB customers with a standard variable home loan will on average save $62.50 per month or $750 per year in interest payments – a significant saving for Australian households.