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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.
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