National Australia Bank (NAB) today cut its standard
variable home loan rate, maintaining its competitive
position by offering customers the lowest standard variable
home loan interest rate of the major banks.
NAB has cut its standard variable home loan rate to 7.47%
pa (effective from Monday 7 November), meaning NAB
customers will save between $20 and $35 in interest per
month on an average $300,000 standard variable rate home
loan compared to the other major banks.
NAB has had the lowest standard variable home loan rate of
the major banks for more than 28 months. In that time, NAB
customers have saved in interest charges more than:
$720 than if they had their home loan at Commonwealth
$940 than if they had their home loan at ANZ;
$1400 than if they had their home loan at Westpac.
(based on all banks' published standard variable home loan
rates on a $300,000 loan)
Announced Standard Variable Rate
p.a. 2 November 2011
Lisa Gray, Group Executive NAB Personal Banking, said: "Our
commitment is to be competitive and for more than two
years, NAB has offered the lowest standard variable home
loan rate of any of the major banks,
"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 customers will today still benefit from
having the lowest standard variable rate of any of the four
Ms Gray said that volatile overseas markets and impending
global banking security requirements had pushed up the
costs of providing funds for lending.
"We are committed to offering the most competitive
standard variable interest rate possible and these
decisions are never taken lightly. However, the current
instability in Europe presents us with additional funding
pressures, as costs of funds continue to rise," Ms
As well as maintaining the lowest standard variable home
loan rate, NAB also announced cuts to a range of deposit
interest rates by between 5bps and 25bps.
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