National Australia Bank (ASX:NAB) will cut its standard variable home loan interest rate by 0.25% per annum, effective from May 30, according to a Tuesday release.
This came after the Reserve Bank of Australia decided to reduce the official cash rate by 25 basis points.
It does not automatically reduce repayments, which gives customers the choice of paying down their home loan sooner.
The bank said it has consistently implemented changes to its standard variable home loan rates 10 days after a cash rate declaration from the central bank since 2017.
The lender's shares inched up 2% in recent trading on Tuesday.
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