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25 bps cut the norm

No major bank is giving other lenders room to limit home-loan rate cuts, with National Australia Bank believed to have resolved to reduce the delivery rate to its third-party mortgage managers by 25 basis points.NAB announced late yesterday that the home loan rate for its UBank brand (available only to those refinancing a loan) will fall by 25 basis points.UBank draws its funding from NAB's Advantedge arm, and others that also source funding from this division are expecting the bank to drop its rates in line with its in-house brand. The lower rate will apply to new loans as well as the back-book.Other lenders have also announced cuts of 25 bps, including Heritage Mutual Bank.

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