NAB cuts online home loan rates

Thursday 03 March 2011

Article by Mozo

Aussies currently looking to compare home loans online could be among those interested in a recent announcement from the National Australia Bank (NAB).

Home loan rate cut by NAB

The organisation's online arm, UBank, has announced that the interest rate attached to its online home loan has been cut to 6.99 per cent.

According to the Herald Sun, the move is "yet another shot" in the home loan war that is currently taking place in the country.

The newspaper explained that the rate reduction comes just ten days after the product launched, despite the loan already offering customers a standards variable rate "significantly below" those offered by other banks.

Alex Twigg, UBank's general manager, is cited by the news provider as saying the move is intended to "reward customers for their loyalty, with no gimmicks".

The move cuts the original rate of 7.05 per cent and comes after the Commonwealth bank launched a fee-free home loan at 7.24 per cent. However, the UBank loan is only available to online customers.

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