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Following the Reserve Bank of Australia’s (RBA) rate change announced on Wednesday 8 November, NAB is changing interest rates on a number of products.
Lending
From Friday 10 November 2006, NAB’s base and standard variable rate home loans will respectively rise by 0.25 per cent from 7.32 per cent to 7.57 per cent and from 7.82 per cent to 8.07 per cent.
To assist first time home buyers, NAB’s one-year introductory variable rate home loan will increase by less than the RBA increase. The increase will be 0.20 per cent, from 6.49 per cent to 6.69 per cent.
NAB’s low rate credit card remains unchanged at 10.99 per cent for purchases. The rate for cash advances will increase by 0.25 per cent. A number of other credit card and personal loan products will increase in line with the RBA change by up to 0.25 per cent.
NAB has not changed its fixed rates following the RBA changes. For customers looking for protection against potential future rises, NAB’s fixed rate home loan options are:
1 year 7.35% pa
2 years 7.35% pa
3 years 7.18% pa
4 years 7.39% pa
5 years 7.39% pa
10 years 7.45% pa
Deposits
NAB has decided it will pass on generous savings to two deposit products including children’s accounts. Other deposit rates are currently under review.
NAB’s bonus saver accounts will receive interest increases well in excess of the RBA rise. From Monday 13 November, NAB’s Junior Saver’s total bonus interest rate will rise by 1.25 per cent to 5.25 per cent. To achieve this bonus interest rate the account requires one deposit and no withdrawals each month.
NAB’s Smart Reward savings account will enjoy a one per cent boost from 4.51 per cent to 5.51 per cent from From Monday 13 November, providing customers make at least one deposit each month.
For further media information, please contact:
Kerrina Lawrence
Retail Public Affairs Manager, National Australia Bank Limited
T (03) 8634 0693 M 0417 034 738
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