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The National Australia Bank (NAB) division of Megabank announced on Twitter a 32 basis point or 0.32% cut to its standard variable mortgage rate, now at 6.99% per annum.
No word yet on the other 3 divisions. With ANZ announcing a 6% increase in underlying profit for the half year today, I wonder how much of the 50 basis point cut they have to keep to help maintain CEO Mike Smith’s Aston Martin collection? I volunteer for polishing if they need to cut costs….
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