NAB will reduce the standard variable home loan interest rate by 0.25%, effective 28 February, following the Reserve Bank of Australia’s decision to reduce the cash rate by 0.25%.

NAB Group Executive, Personal Bank, Ana Marinkovic said:

“We are very pleased to deliver this rate cut to home loan customers – we understand how tough it’s been for many Australians.

“The extended period of high interest rates has placed real strain on household budgets and this rate reduction will help to ease the financial burden.

“We wanted to move quickly after the RBA’s decision to provide customers with certainty.”

Following an RBA announcement, NAB consistently implements any changes to the standard variable rates after 10 days. This has been NAB’s approach since 2017 regardless of whether the cash rate has increased or decreased.