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Following the Reserve Bank of Australia's (RBA) rate change, NAB will raise its variable home loan rates and move its high interest earning iSaver account to 5.90 per cent.
Home loan lending changes
From Friday 4 August 2006, NAB's base variable rate home loan will rise by 0.25 per cent from 7.07 per cent to 7.32 per cent.
NAB's one-year introductory variable rate home loan will increase by 0.25 per cent from 6.24 per cent to 6.49 per cent.
NAB's General Manager Mortgages, Warren Shaw, said while most NAB home loan customers pay well above their minimum regular repayments, they should review their position in view of the RBA rate change.
"NAB customers concerned about the prospect of future rate rises should consider changing to a fixed or a part fixed and variable rate by speaking with their local branch or by calling 13 22 65," he said.
"Before approving home loans, NAB assesses the customers ability to meet their regular repayments and ensures they can cope with a number of potential rate rises.
"NAB will continue to offer its customers competitive mortgage solutions with eight of NAB home lending products recently scoring the top five-star rating from Cannex."
Deposits
NAB is passing on the full 0.25 per cent RBA rate change to NAB's high interest iSaver account which will increase from 5.65 per cent to 5.90 per cent on 21 August 2006.
For further media information, please contact:
Kerrina Lawrence
Retail Corporate Affairs Manager
National Australia Bank Limited
T (03) 8634 0693
M 0417 034 738
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