Australia's CBA cuts mortgage rate by 25 bps

SYDNEY Tue May 7, 2013 2:26am EDT

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SYDNEY May 7 (Reuters) - Commonwealth Bank of Australia , the country's top mortgage lender, cut its variable mortgage rate by 25 basis points on Tuesday, passing on the full quarter-point cut in the official cash rate.

CBA's move followed rival National Australia Bank and came after the Reserve Bank of Australia reduced its cash rate to a record low 2.75 percent from 3.0 percent earlier in the day.

Commonwealth Bank said it will cut its standard variable rate to 6.15 percent, effective May 13. (Reporting by Ian Chua; Editing by Shri Navaratnam)

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