CBA and NAB cut key mortgage rates by 25bps, follow ANZ

Two of the Australian top four banks announced a 25 bps mortgage rates cut soon after the RBA slashed the Official Cash Rate (OCR) by 25 bps to 1.25% record low.

The Central Bank of Australia (CBA) and the National Australia Bank (NAB) followed suit and reduced their mortgage lending rates, passing on the full benefit of an RBA rate cut to their customers.

Earlier today, the Australia and New Zealand Banking Group (ANZ) cut its key mortgage rate by 18bps post-RBA cut.