NAB maintains lowest standard variable rate of major banks and abolishes home loan early exit fees

5:00 pm Friday, 12 November 2010

UPDATE

NAB maintains lowest standard variable rate of major banks and abolishes home loan early exit fees

National Australia Bank (NAB) has maintained its position of offering customers the lowest standard variable home loan interest rate of the major banks.

NAB’s rate of 7.67% pa means NAB customers will save between $32 and $47 a month on an average $300,000 variable rate home loan compared to the other major banks.

NAB also announced today that it will abolish Early Exit Fees on new and existing NAB home loans.

NAB ANZ CBA WBC
Standard variable rate pa 7.67% 7.80% 7.81% 7.86%

For 17 months now NAB has offered its customers the lowest standard variable mortgage rate of the major banks and some of the best deals on bank fees. NAB was the first Australian bank to abolish overdrawn and monthly account service fees on personal transaction accounts, and was the only major bank that did not raise variable home loan interest rates above the RBA increase in December 2009.

Lisa Gray, Group Executive NAB Personal Banking, said: “NAB continues to deliver its customers the lowest standard variable home loan interest rate of the major banks, something we have now done for 17 months.

NAB customers will continue to save between $32 and $47 a month on an average $300,000 variable rate home loan compared to the other major banks.

We have also announced today that we will abolish early exit fees on NAB home loans to help support even greater competition in the home loan market”.

Earlier today NAB confirmed that its standard variable home loan interest rate would increase by 0.43% pa to 7.67% pa and that it will also increase a range of deposit interest rates by between 0.25% and 1.00%. Business lending variable rates will increase by 0.43% pa effective from Monday 15 November 2010.

For further information:

George Wright: 0419 556 616

Meaghan Telford: 0457 551 211