NAB follows through on rate slash
National Australia Bank was one of the first to follow up on the Reserve’s one per cent rate cut, with a 0.8 per cent cut on its standard variable interest rates.
While those on the hunt for low-interest home loans may have been jumping for joy on Tuesday, the Reserve’s sheer trim of interest rates could also be good news for those looking for cheap credit cards and car loans.
Meanwhile, first home buyers may be interested in NAB’s one-year introductory fixed rate home loan, which has been slashed from 7.29 per cent a year to 6.99 per cent.
Announcing the reduction, the bank said it was happy to be able to pass on most of the cut to its customers.
Although some commentators had said banks would be hard pressed to pass the rates on, NAB was joined by BankWest, ANZ, Bendigo and Commonwealth in cutting their home loan rates.
In further efforts to help out consumers, NAB also launched UBank at the beginning of this month, which aims to offer competitive term deposit interest rates combined with great customer service.