All of the majors have now cut rates, with NAB moving just moments ago.
Surprisingly, National Australia Bank failed to follow in the footsteps of CBA, Westpac, ANZ and pass on the RBA’s 25 basis point rate cut in full.
Instead, the major opted to pass a 20 basis point cut onto borrowers, effective from November 7.
While NAB is the only major not to pass on the rate cut in full, the bank still has the lowest standard variable rate of all the majors.
The lender’s new rate will sit at just 7.47 per cent – slightly lower than its nearest competitor ANZ, which now boasts a rate of 7.55 per cent.
"Our commitment is to be competitive and for more than two years, NAB has offered the lowest standard variable home loan rate of any of the major banks," NAB group executive Lisa Gray said.
"NAB has led the industry and abolished the most disliked fees, including overdrawn fees, account keeping fees and mortgage early exit fees for new and existing customers," she said.
"NAB customers will today still benefit from having the lowest standard variable rate of any of the four major banks."