When are other banks cut their Interest Rate?

As you may now National Australia Bank has trimmed its variable mortgage rate, but by little less than the RBA and other major banks, sparking a furious reaction from the Treasurer.

NAB would trim its standard variable lending rate by 20 basis points to 7.47 per cent, starting from Monday, 7 November 2011.

This move fell short of its rivals’ offerings. ANZ Bank this morning joined Westpac and Commonwealth Bank in passing along in full yesterday’s Reserve Bank interest rate cut to customers.

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