NAB, Westpac fail to pass on full RBA rate cut

NAB and Westpac are trimming their standard variable home loan rate, but not by as much as the Reserve Bank's 25 basis-point cut to the cash rate.

National Australia Bank has failed to pass on the Reserve Bank's interest rate cut in full. (AAP)

NAB is not passing on the Reserve Bank's 25 basis point interest rate cut, lowering its standard variable home loan rate by 20 basis points instead.

NAB will cut its variable home loan rate by 20 basis points to a 37-year low of 5.43 per cent next Wednesday.

Late today Westpac has announced a cut to its variable rate by 0.22 per cent

It follows rivals ANZ and the Commonwealth Bank who cut their standard variable rates by 25 points and 20 points respectively after the RBA's move on Tuesday.