NAB: Many factors behind home loan changes

Thursday 05 November 2009

Article by Mozo

Many factors were taken into consideration when the National Australia Bank (NAB) increased its rates on home loans, it has declared.

Group executive of the organisation’s personal banking division Lisa Gray made this comment after it was revealed it would hike rates on a range of products by 0.25 per cent per annum.

The new home loan rates will come into effect as of tomorrow (November 6th) and it matches the cash rate that was outlined by the Reserve Bank of Australia earlier this week.

According to the NAB, funding costs, money market conditions and price of raising deposits were all factors taken into consideration when making its changes.

Ms Gray asserted that the bank’s standard variable rate would continue to be competitive against other’s.

"Our standard variable rate is cheaper than some other major banks and for NAB customers who have an average $300,000 home loan – that means they are $210 better off a year in interest," she stated.

In Australia, the NAB deals with consumers and business customers. The organisation also has operations in New Zealand, the UK and America.

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