Powered by MOMENTUM MEDIA
subscribe to our newsletter
NAB slashes rates by 25 basis points

NAB slashes rates by 25 basis points

NAB will cut its variable home loan and business rates following today's cash rate decision by the Reserve Bank.

The big four bank announced that it will reduce its variable rate for home loans by 0.25 per cent.

This announcement means NAB’s Variable Rate for Home Loans (Standard Variable Rate) will reduce from 5.60 per cent p.a. to 5.35 per cent p.a.

Advertisement
Advertisement

NAB group executive personal banking Gavin Slater said in making the decision to change interest rates, the bank considers a range of factors.

“The circumstances of each decision will always vary and we must take into account factors such as competition, regulatory capital requirements and funding costs,” Mr Slater said.

“Today’s decision balances the needs of our home loan customers with our shareholders.”

The change applies to owner occupier and residential investment variable rate home loans.

For owner occupiers with NAB’s Variable Rate for Home Loans (Standard Variable Rate) the rate will reduce from 5.60 per cent p.a. to 5.35 per cent p.a.

For residential investors with NAB’s Variable Rate for Residential Investment Home Loans the rate will reduce from 5.75 per cent p.a. to 5.50 per cent p.a.

NAB will also reduce its rate on standard variable business rate lending products by 0.25 per cent.

The new rates will be effective from 16 May 2016.

NAB slashes rates by 25 basis points
mortgagebusiness

 

Latest News

The federal opposition has released its response to the final report of the banking royal commission, agreeing to 75 of the 76 recommendatio...

A class action suit has been filed against the major bank for allegedly approving home loans outside serviceability. ...

In its update on the implementation of Commissioner Hayne’s recommendations, the corporate regulator has hinted that it is investigating...

FROM THE WEB

POST RC PANEL DISCUSSION ADDED

podcast

LATEST PODCAST: The current mindset of the mortgage industry

Is enough being done to ensure responsible lending?