May 3 (Reuters) - National Australia Bank Ltd (NAB) on Wednesday said that it will raise its standard variable home loan rates by 25 basis points (bps), in line with the Reserve Bank of Australia's rate hike.
On Tuesday, Australia's central bank raised its cash rate to 3.85% in a surprise move, saying inflation was way too high and warned that even further tightening may be needed to bring it to heel.
The new home loan rate will be effective from May 12, the bank said in a statement.
News: NAB National Australia Bank to pass on RBA's rate hike to home loan customers
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