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NAB has moved to offer the lowest bank home loan of the major lenders to bring more first time home buyers into branches and to boost market share.
The new, NAB 5.95 per cent one-year fixed rate introductory home loan is the lowest fixed rate introductory on offer from the top banks. It will be heavily promoted in metro newspapers Australia-wide from 20 February and through the month of March.
NAB's General Manager Mortgages, Warren Shaw, said the new 5.95 per cent low-rate loan would boost new loan volumes by attracting more first time buyers into NAB's branches.
"The campaign is targeted at driving higher home loan sales activity through our mobile bankers and branches," he said.
"The NAB 5.95 per cent one-year fixed rate introductory home loan is a very competitive offer and will assist customers in lowering their overall new home purchase borrowing costs."
Key features of the NAB 5.95 per cent one-year fixed rate introductory home loan:
- NAB's 5.95 per cent one-year fixed rate introductory home loan is the most competitive bank offer from the major lenders
- Available from 20 February 2006 to new NAB home loan customers
- Ability to make additional repayments of up to $20,000 during the fixed rate period, to redraw and a choice of weekly,
fortnightly or monthly repayments
- After the first year introductory period, the 5.95 per cent fixed rate switches to the standard variable rate.
NAB home loan market share has been growing above the industry system growth over a 12-month period in 2005.
Prior to 20 February 2006, NAB's Fixed Rate Introductory Rate Home Loan was
6.14 per cent.
RADIO NEWS DESKS/EDITORS NOTE: Free, broadcast quality audio grabs with NAB General Manager Mortgages, Warren Shaw, are available now at mediagame.com.au. For log in details visit the mediagame.com.au site.
Ends
For further media information, please contact:
Kerrina Lawrence
NAB Retail Corporate Affairs Manager
National Australia Bank Limited
T (03) 8634 0693
M 0417 034 738
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