NAB to offer cheaper home loans online

People looking for a mortgage may be tempted to compare home loans online after the National Australian Bank (NAB) revealed it plans to sell cheaper products on the internet.

One of the cut price home loans it will offer until the end of June is a standard variable rate option which is at 6.59 per cent, reports the Sydney Morning Herald.

Greg Sutherland, NAB executive general manager of strategy, said the financial institution's UBank arm was able to offer better prices because it did not require a branch network.

He asserted that its pricing "more fully reflects the economic benefits of the online model".

With the new offering, the NAB has introduced a rate that is one percentage point lower than the industry standard.

Earlier this month, ANZ published its Pan-Regional Housing Outlook, which suggested that the cost of property in the country is likely to remain at a relatively stable rate throughout the year.

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