NAB was first to announce it will cut its variable mortgage rates, but like most banks, it's going to wait a full 10 days before passing on the relief to its customers.
Australia's big four banks have announced they'll pass on today's interest rate cut to homeowners, bringing much-needed relief.
The Reserve Bank of Australia handed down its second interest rate cut of the year, reducing the cash rate from 4.10 to 3.85 per cent.
For someone with the average mortgage of $660,000, the decision will lower monthly repayments by about $100 a month.
LIVE UPDATES: Reserve Bank cuts rates by 25 basis points; Share market rises early
NAB was first to announce it will cut its variable mortgage rates, but like most banks, it's going to wait a full 10 days before passing on the relief to its customers.
The bank will reduce its standard variable home loan interest rate by 0.25 per cent, effective May 30.
ANZ followed: its variable home loan rate will drop by 0.25 per cent, also passing on the Reserve Bank's cut in full.
READ MORE: Rate cut to put hundreds back in the pockets of borrowers
Like NAB, though, it's going to wait until the end of the month.
Commonwealth Bank has also passed on the rate cut to variable home loan customers, from May 30.
Westpac followed, saying it will cut variable home loan rates by 0.25 per cent.
It's going to wait even longer than its counterparts to pass on the relief though – mortgage holders won't benefit until June 3.
Despite the cut, the RBA said it remains cautious about the outlook for the economy.
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