NAB, CBA, ING, BOQ, YBR pass on rate cut

Lenders will reduce standard variable home loan rate to 5.88% from August 12.

National Australia Bank Ltd, Commonwealth Bank, ING Direct, Bank of Queensland and Yellow Brick Road have passed on the central bank's quarter of a percentage point rate cut in full to its borrowers.

NAB will cut its standards variable home loan rate by a quarter of a percentage point to 5.88% from August 12.

The move comes after the Reserve Bank of Australia cut its cash rate to a historic low of 2.5%.

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