Four of Australia’s five biggest banks have passed on the central bank’s quarter of a percentage point rate cut in full.

NAB was the first to move, and maintained its leading position on standard variable rates among the big four by cutting its standard variable home loan rate to 6.13 per cent.

The news came soon after the Reserve Bank of Australia cut the cash rate by a quarter of a percentage point to a record low of 2.75 per cent, in an effort to boost economic growth.

“We recognise that certainty is important for our customers, which is why we are pleased to be able to quickly pass on a 25 basis point reduction,” NAB personal banking executive Gavin Slater said in a statement.

NAB’s new rate will be effective from May 13.

CBA soon followed, cutting its variable rate to 6.15 per cent, also effective from May 13.

“The Commonwealth Bank believes that this is a balanced decision taking into account both domestic and offshore factors,” CBA’s executive of retail banking services Matt Comyn said in a statement.

St George and Westpac later announced quarter of a percentage point cuts to their standard variable rates that will both be effective from May 20.

Westpac’s will be 6.26 per cent and St George will have a rate of 6.24 per cent.

Several smaller lenders have also passed on the RBA’s rate cut in full, including Bank of Queensland, Suncorp Bank and ING Direct.

ANZ will hold its monthly rate review on Friday.

It will need to match the quarter of a percentage point cut to remain competitive with the other big banks.

NAB has now held the lowest standard variable mortgage rate among the big banks for 46 months.