Three of big four banks cut rates

Three of the big four banks have sliced their standard variable interest rates, but stopped short of passing on the Reserve Bank's 25 basis point cut to its cash rate.

Westpac Bank, the Commonwealth Bank of Australia and the National Australia Bank on Wednesday all announced they would cut their standard variable home loan rates by 20 basis points.

Westpac's standard variable rate will fall to 6.51 per cent on December 17, while CBA's drops to 6.4 per cent on December 10.

NAB's rate will decrease to 6.38 per cent from December 10, while its variable business loan rates will also be cut by 20 basis points.

The moves come a day after the Reserve Bank of Australia cut its cash rate by 25 basis points to three per cent.

The ANZ bank reviews its interest rates on the second Friday of each month, with the next review due on December 14.

NAB has promised to offer the lowest standard variable home loan rate of the big four banks until the end of 2012.

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