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7 November 2001
The National Australia Bank announced today that it is adopting an ongoing policy to fully pass on changes in official interest rates set by the Reserve Bank to personal variable rate home loan borrowers, no more than five days after a rate change announcement.
"We are continuously listening to our customers and improving our processes to meet their needs," said Mike Pratt, Chief Executive Officer of the National's Australian Financial Services.
"This policy decision provides customers with a clear understanding of how their home loan rate will move in relation to official rates changes."
"The National offers a range of competitive loans, including National Tailored Home Loans, FlexiPlus Mortgages and a National Tailored Home Loan Package, currently with a 3.99% interest rate fixed for six months. As a result of our superior products and processes, the National has a substantial, and increasing, share of the home loan market," he said.
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