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Mortgage House will drop its interest rates by 25 basis points for both new and existing customers of the Mortgage House funded program, the Chameleon range.

The move follows all four of the major banks eventually - even if NAB was somewhat tardier, than the others and more miserly as well.

NAB's trimming of its variable mortgage rate by 20bps was not only conspicuously late, but also by less than the RBA - and its rivals.   

ANZ joined Westpac and CBA this morning in passing along yesterday's RBA rate cut in full.  

Managing director Sarah Roberts said Mortgage House welcomed the decision by the RBA to drop interest rates.

"A reduction in interest rates presented an opportunity for mortgage holders to get ahead with their home loan," she added.

"This could see them benefiting from starting the new year in a positive position, during a time when spending and debts increase," she said.

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