UBank refinancing deal 'offers lowest interest rates'

National Australia Bank (NAB) has claimed that UBank's interest rate for those refinancing their home loans is the lowest available in the country.

The online branch of the firm slashed its standard variable rate on its refinance home loan by 20 basis points per year, taking it down to 6.59 per cent.

Alex Twigg, general manager of UBank, commented: "Customers can get such a great deal on interest rates and fees with UBank because it is online only – and has comparatively low operating costs."

The firm revealed that the next 1,000 eligible new customers who apply to refinance their mortgage can get an extra 0.2 per cent discount for the duration of the loan.

Earlier this week, NAB announced that its standard variable rate would be cut by 0.2 per cent.

This means it will not be passing on the Reserve Bank of Australia rate cut in full to its customers.

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