National Australia Bank (NAB) has cut its standard variable home loan interest rate by less than its peers and the central bank.

NAB said it would cut its standard variable rate (SVR) by 20 basis points, to 7.47 per cent, from November 7.

The Reserve Bank of Australia (RBA) on Tuesday cut the cash rate by 25 basis points to 4.5 per cent.

Westpac, Commonwealth Bank and ANZ have all followed with 25-basis-point cuts to their SVRs.

But NAB still has the lowest SVR among the big four banks.

ANZ is second with a 7.55 per cent SVR, followed by Commonwealth with 7.56 per cent and Westpac with 7.61 per cent.

“NAB has led the industry and abolished the most disliked fees, including overdrawn fees, account keeping fees and mortgage early exit fees for new and existing customers,” NAB group executive of personal banking Lisa Gray said in a statement on Wednesday.

“NAB customers will, today, still benefit from having the lowest standard variable rate of any of the four major banks.”