Friday, 28 November 2008
Following improvements in fixed rate cost of funds, NAB announced today it would reduce a range of fixed rate home loans by up to 1.00% - creating some of the cheapest mortgage rates by a bank in Australia.
From Monday, 1 December, customers can access a 1 Year Introductory Home Loan - Fixed Rate at 4.99% per annum and a 3 Year Introductory Home Loan - Fixed Rate of 5.89% per annum.
Ahmed Fahour, Executive Director and CEO Australia, said the Federal Government’s recent actions, including the Government Guarantee on deposits, had helped to balance the effects the global crisis has had on Australia.
“This year has been extremely volatile, so we are pleased to see some relief in our fixed rate cost of funds,” Mr Fahour said.
“We are committed to passing on savings wherever possible, so I am delighted we are able to offer these new, extremely competitive rates.
“Our new fixed rates are ideal for customers looking for stability during these economically tough times.”
NAB’s new fixed rates include:
- 1 year Intro Fixed Rate from 5.99% pa to 4.99% pa
- 3 year Intro Fixed Rate from 6.89% pa to 5.89% pa
- 1 year Fixed Rate from 6.59% pa to 5.59% pa
- 2 year Fixed Rate from 6.59% pa to 5.59% pa
“Once global wholesale and money markets settle down and further reductions are made to the official cash rate, we hope to be in a position to pass on further rate cuts,” Mr Fahour said.
Luisa Ford NAB Corporate Affairs M: +61 (0) 411 024 104
Gillian Griffiths NAB Corporate Affairs M: +61 (0) 419 667 783
* The information contained in this media release is for media advice purposes only. The contents are true and correct at time of publishing/issuing, however may change over time. For further information about NAB products or rates, please go to Interest Rates, Fees & Charges