NAB marks third anniversary of lowest SVR, waives $600 home loan application fee

16 June 2012

National Australia Bank (NAB) is celebrating three years of having the lowest standard variable home loan rate (SVR ) of the major banks, by waiving the $600 application fee on new NAB home loan applications received before 30 September 2012 and drawn down before 31 December 2012. NAB Group Executive Personal Banking Lisa Gray says the new offer will help more customers to switch and start saving. "To celebrate NAB's third anniversary of having the lowest SVR of the major banks, I am pleased to announce that we will be waiving the $600 home loan application fee on variable home loan applications received before 30 September. "Since we ‘broke-up’ with the other banks in February last year, more than 820,000 customers have switched to NAB - and we're encouraging more to do the same," she said. "We have led the industry in abolishing a range of fees that annoyed customers the most and we were also one of the very few banks that abolished mortgage early exit fees for all customers, not just new customers. "NAB has maintained the lowest SVR of the major banks for three years, and we have committed to remain the lowest of the majors for the rest of 2012. Over the past three years, NAB customers have saved up to $1718 on the average $300,000 home loan, compared to Westpac, the greatest saving amongst the other major banks,” Ms Gray said.

Current standard variable home loan rates

  • NAB - 6.78%p.a.
  • CBA - 6.80%p.a. (effective Mon 18 June)
  • ANZ - 6.80%p.a.
  • WBC - 6.89%p.a. (effective Mon 18 June)

NAB is also encouraging all mortgage holders, both NAB customers and those with other banks, to take a 10 minute home loan health-check any NAB branch - to see if they can save money on their current home loan. "At NAB we are proud of the commitment we have made to our customers to offer fairer banking and to be highly competitive. We believe that what's good for our customers is good for our business," Ms Gray said.

Media Contacts

Meaghan Telford M: +61 (0) 457 551 211 George Svigos M: +61 (0) 459 841 579