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CBA, NAB & Westpac banks cut home-loan rates

Mon Dec 1, 2008 10:45pm EST

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SYDNEY, Dec 2 (Reuters) - Australian lenders Commonwealth Bank (CBA.AX) and National Australia Bank (NAB.AX) moved on Tuesday to cut their standard variable-rate home loan by 100 basis points, matching a cut in the official cash rate.

But their rival, Westpac Banking Corporation (WBC.AX), said it would cut its standard home loan by only 80 basis points. The Commonwealth and NAB cuts take effect on Dec. 12 and Westpac on Dec. 8.

The cuts follow the central bank's rate cut to 4.25 percent from 5.25 percent. For more see: [nSYA005341].

(Reporting by Mette Fraende, Editing by Mark Bendeich)



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