UPDATE 1-Westpac, NAB cuts home loan rates

(Adds NAB, AMP Bank announcements)

SYDNEY, Nov 5 (Reuters) - Westpac Banking Corp (WBC.AX) will cut its standard variable home loan rate by 0.65 percentage points, Australia's fourth-biggest lender said in a statement on Wednesday.

On Tuesday, the country's central bank lowered the benchmark interest rate by 75 basis points in an effort to cushion a slowing economy.

Australian banks have come under pressure from the government to pass on the full benefit of the official rate cut to customers.

Commonwealth Bank of Australia Ltd (CBA.AX), the No. 2 lender, cut its benchmark rate by 0.58 percent points on Tuesday. Westpac said the new rates would come into effect from Nov. 10.

After the close of trade, National Australia Bank Ltd (NAB.AX), the nation's top lender, said it would cut its benchmark home loan rates by 62 basis points.

AMP Bank Ltd (AMP.AX), a unit of funds manager AMP Ltd (AMP.AX), said it would cut its variable rates by 75 basis points, becoming the only lender to match the reduction in official rates announced the by the central bank.

"Despite the RBA cash rate reduction, it is now apparent that the cost of borrowing money anywhere in the world has become a lot more expensive," NAB said in a presentation. ($1=A$1.43) (Reporting by Denny Thomas; editing by James Regan)