National Increases Home Loan and Deposit Rates - 7 April 2000

The National Australia Bank will increase its standard variable home loan rate by 0.25%, but will drop fixed rate home loan interest rates for four, five and 10 year terms by up to 0.3%.

Many people are thinking about moving to a fixed rate home loan and these rates are now very competitive.

The new fixed rate home loan interest rate will be 7.99% for 10 years down from 8.29%. The four and five year fixed rate loan interest rate will be 7.89%, down from 7.99% for the four year and 8.09% for the five year fixed rate home loan. Fixed rate loan interest rates for other terms are unchanged.

The National variable rate home loan interest rate will increase to 7.55%. This reflects the rise in the official cash rate.

The increase in the official cash rate has also been reflected in business interest rates and credit card interest rates.

The changes to interest rates are effective from Monday April 10.