Australia's NAB delivers 25bps cut in mortgage rate

SYDNEY Tue May 7, 2013 1:10am EDT

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SYDNEY May 7 (Reuters) - National Australia Bank, Australia's largest bank by assets, lowered its variable mortgage rate by 25 basis points on Tuesday, passing on the full quarter-point cut in the official cash rate.

The move came minutes after the Reserve Bank of Australia reduced its main cash rate to a record low 2.75 percent from 3.0 percent.

NAB said it would cut its standard variable home loan rate to 6.13 percent, giving customers savings worth $62.50 per month in interest on the average $300,000 home loan. (Reporting by Ian Chua; Editing by Jeremy Laurence)

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