National Increases Deposit and Fixed Home Loan Interest Rates - 14 January 2000

Friday, 14 January 2000

The National Australia Bank will increase some deposit and fixed home loan interest rates by 0.14 to 0.3%. The changes are effective from Monday January 17.
The National's standard variable home loan rate is unchanged at 6.8%.

The Trade Up rate increases from 6.2% to 6.5%. This 2-year investment allows customers an option to switch to a new rate should rates rise during the period of the investment.

Interest rates on term deposits for amounts of $100,000 or more have also been increased by a maximum of 0.3%.

The fixed 6 month National Tailored Home Loan Package rate is unchanged at 4.99% but the fixed 1 year National Tailored Home Loan Package rate has increased from 5.85% to 5.99%. Fixed home loan rates for periods of up to 10 years have been increased by a maximum of 0.3%.

Chief Executive Officer for Australian Financial Services, Gordon Wheaton said the interest rate increase for the Trade Up was very attractive for investors.

"The 5.99% 1 year fixed rate for the National Tailored Home Loan Package is also very competitive for borrowers. The moves reflect the increased cost of funding," he said.

* 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