National Australia Bank (NAB) today cut its standard variable home loan rate, maintaining its competitive position by offering customers the lowest standard variable home loan interest rate of the major banks.
NAB has cut its standard variable home loan rate to 7.47% pa (effective from Monday 7 November), meaning NAB customers will save between $20 and $35 in interest per month on an average $300,000 standard variable rate home loan compared to the other major banks.
NAB has had the lowest standard variable home loan rate of the major banks for more than 28 months. In that time, NAB customers have saved in interest charges more than:
- $720 than if they had their home loan at Commonwealth Bank;
- $940 than if they had their home loan at ANZ;
- $1400 than if they had their home loan at Westpac.
(based on all banks’ published standard variable home loan rates on a $300,000 loan)
|Announced Standard Variable Rate
p.a. 2 November 2011
Lisa Gray, Group Executive NAB Personal Banking, said: “Our commitment is to be competitive and for more than two years, NAB has offered the lowest standard variable home loan rate of any of the major banks,
"NAB has led the industry and abolished the most disliked fees, including overdrawn fees, account keeping fees and mortgage early exit fees for new and existing customers. NAB customers will today still benefit from having the lowest standard variable rate of any of the four major banks."
Ms Gray said that volatile overseas markets and impending global banking security requirements had pushed up the costs of providing funds for lending.
"We are committed to offering the most competitive standard variable interest rate possible and these decisions are never taken lightly. However, the current instability in Europe presents us with additional funding pressures, as costs of funds continue to rise," Ms Gray said.
As well as maintaining the lowest standard variable home loan rate, NAB also announced cuts to a range of deposit interest rates by between 5bps and 25bps.
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