Australia's NAB vows to match official rate cut

SYDNEY, Aug 21 (Reuters) - National Australia Bank (NAB.AX), the country's biggest bank, said on Thursday it would reduce its variable mortgage rate if official interest rates were cut in September as many expect.

There has been speculation the commercial banks might not follow any easing by the Reserve Bank of Australia (RBA) because of high funding costs amid the global credit squeeze.

NAB is the first of the major banks to guarantee it would fully match the central bank if it cut the current 7.25 percent cash rate by 25 basis points at its next policy meeting on Sept. 2. (Reporting by Wayne Cole; Editing by Mark Bendeich)