We've been making changes....
July
2009
ATM network expanded
We joined the rediATM alliance with Cuscal and doubled the ATM network to over 3100 for NAB and credit union customers letting them access their money without any additional ATM fees.
September 2009
$30 overdrawn fee abolished
We decided to abolish the $30 overdrawn fee (our most complained about fee) from our everyday personal transaction accounts. That alone has put an estimated $100 mil plus back into the pockets of NAB customers.
November 2009
NAB Care launched
We launched NAB Care understanding that customers financial situation can change. We are here to help and get them back on their feet with a solution that's right for them.
December 2009
Over-the-limit credit card fee abolished
We abolished the overlimit fee on credit cards and reduced credit card late payment fee from $30 down to $5.
SMS payment reminder introduced
It's not big but to be helpful, we also introduced a free payment reminder SMS alert to help customers better manage their credit card payments.
Rate rise
We matched the RBA Rate rise, while the other 3 major banks all moved above the cash rate increase, leaving NAB to be the major bank with the lowest standard variable rate for home loans.
January
2010
Monthly account service fees abolished
We abolished Monthly Account Service fees on our most popular personal transaction account and made the NAB Alerts services free as well.
May
2010
Home Loan switch fee eliminated
We announced the removal of the Switch Fee for NAB Home Loans making it easier for customers to do business with us.
Overdrawn fees abolished
We abolished overdrawn fees when you overdraw your business account or exceed your approved limit by up to $1,000.
NAB Care extended to small businesses
We extended NAB Care to small businesses as well as individual customers to offer assistance before they experience financial hardship.
October 2010
Broker fee structure simplified
We simplified our fee structure for NAB Broker customers by removing the packaging, security, company borrowing and product swap fees. We then went on to replace our fee waiver authority with one standard application fee to make banking a bit simpler for customers.
November 2010
Lowest standard variable home loan rate maintained
We continued to maintain the lowest Standard Variable Home Loan rate of the major banks. This now meant we had the lowest for 17 months.
December 2010
Online help and education introduced
We commit ourselves to improving the financial literacy of all Australians and launch new ‘Online Help and Education’ sections in our website to help our customers better understand banking and finance products and services – including Money Basics, Life Events, NAB Products and Banking Products.
Several home loan fees eliminated
We eliminated a number of home loan fees for NAB and Homeside products including repeat statement fees, duplicate statement fees and bank cheque fees. We also removed early exit fees on NAB home loans and reduced early exit fees on Homeside loans.
January 2011
Credit card payment overhauled
We changed the way we apply payments to our NAB credit cards - directing payments to go against the highest interest rate items first (after interest, fees and charges), resulting in overall lower interest payments for our customers.
ATM network expanded (again)
We again expanded the RediATM network for NAB and credit union customers. Our customers can now use NAB ATMs and rediATMs across Australia, avoiding additional ATM fees in over 3,100 locations.
February 2011
NAB confirms it will pay $700 mortgage early exit fee for CBA and Westpac customers switching to NAB
Having already announced the abolition of home loan exit fees on NAB loans, we decide other bank’s customers deserve the same treatment. We announce that for a limited time we will pay $700 to Westpac and Commonwealth Bank home loan customers who switch to a NAB home loan. This is to help them cover the cost of their exit fees and to encourage fairer banking for everyone.
NAB decides enough is enough and then breaks up with the 3 other major banks.
March 2011
More home loan fees eliminated
We eliminated many more home loan fees, making it easier for customers to do business with us.
April 2011
We were awarded by Canstar Cannex
Canstar Cannex 2011 awarded us with the Innovative Excellence Award for NAB Credit Card Payment Allocation, and Australia's number 1 for everyday banking.
June 2011
2011 Money magazine's Home Lender of the Year.
For the last two years we've made a commitment to doing the right thing by our customers and winning Moneymagazine's 2011 Home Lender of the Year is a nice way to acknowledge that we're on the right track.
We're celebrating having the lowest standard variable home loan rate of the major banks for more than two years, and counting.
For more than two years now, we've had the lowest standard variable home loan rate of the major banks. It means our customers are able to put those extra savings against their home loan, or spend it on the things they really want.
February 2012
We commit to maintaining the lowest standard variable rate of the major banks for 2012.
