The big four have completed their latest round of rate cuts, with only one passing on the full 25bp RBA cut.
ANZ was the only major to follow the Reserve Bank, dropping rates by the full 25bps to 6.80%. Westpac followed with a 20bp cut to take its rate to 6.89%, and Commonwealth Bank moved by 21bps to drop its standard variable rate to 6.80%.
But NAB has retained its spot as cheapest among the majors. The bank mirrored CBA's move of 21bps, taking its standard variable rate to 6.78%. NAB group executive of personal banking Lisa Gray said the bank remained committed to having the lowest rate among the majors.
"These are always difficult decisions to strike the right balance between our mortgage holders and our deposit holders but we will continue to have the lowest standard variable home loan rate of the major banks for 2012 – as we have for the past 35 months," she said.