National Australia Bank Limited
(ASX:NAB) says it may be willing to cut mortgage rates out of cycle with the RBA, according to media reports.
Chief executive Cameron Clyne reportedly told media that with loan funding costs stabilising and increased competition in the home loan market, out of cycle rate cuts are a possibility.
Mr Clyne says although he can’t predict when this might happen, any decision would depend on funding conditions.
The comments come after the RBA cut the official cash rate by 25 basis points to 2.75 per cent last week.
NAB passed on the full cut, but rival bank ANZ passed on a cut of 27 basis points on variable home loans.
NAB generated a net profit of $2.52 billion in the first half of the current financial year.
