Australia's biggest bank by assets, National Australia Bank Ltd, will cut its one-year fixed home loan rate by one percentage point, to 5.59 per cent.
The one percentage point cut applies also to the two-year fixed rate, reducing to 5.59 per cent, and the one-year introductory rate, reducing to 4.99 per cent.
NAB said the rate cuts would come into force on Monday, December 1.