NAB bids to attract more home loan customers

The competition in the Australian home loan market is certainly heating up – and this is great news for house buyers.

Mortgage customers were recently buoyed by the news that interest rates across the nation had been slashed by 75 points in just two months by the Reserve Bank of Australia (RBA).

Now, it seems that major lenders are going to extra lengths to attract new clients.

National Australia Bank (NAB) is now waiving a $600 application fee for new home loan customers who apply for the service before September 30th and then draw down before December 31st.

Group executive of personal banking Lisa Gray believes the offer will encourage more people to switch and start saving.

"Since we 'broke-up' with the other banks in February last year, more than 820,000 customers have switched to NAB – and we're encouraging more to do the same," she commented.

Many economists believe the RBA could lower the national cash rate even further by the end of the year, so it is a great time for first-time buyers to get on to the property ladder.

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