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National Australia Bank today announced a full 1% reduction in short term, fixed home loan rates to as low as 4.99% pa - the most competitive home loan rate in the Australian market. Effective Monday, 29 January, the National will offer a rate of 4.99% pa fixed for six months and 5.99% pa fixed for 12 months. The new cuts follow reductions earlier this month across the whole range of the National's fixed rate home loans, which includes market leading rates in three year and five year terms. The new 4.99% and 5.99% rates are available for a limited period as part of the National's Tailored Home Loan Package. Minimum loan amount is $50,000. At the end of the fixed rate period, the rate reverts to the National's standard variable home loan rate, currently a competitive 8.06% pa. The 4.99% rate represents a saving of almost $200 a month in the initial fixed rate period on a $100,000 home loan, compared to the National's standard variable rate. The National's General Manager, Personal Financial Services, Mr Ken Hodgson, said the special offer was designed to kick start home buying activity at the beginning of the autumn season - the peak time for real estate sales. "We're bringing forward the benefit of an expected cut in official interest rates and passing it on to home buyers as a large upfront saving on their home loan." He said many Australian home buyers were sitting on their plans to buy or build a home in expectation of an interest rate cut. "We're confident our new fixed rates will be the trigger for many Australians to take action." Mr Hodgson said National customers continued to benefit after the initial fixed rate period. "They benefit from one of the lowest standard variable rates in the market, 100% offset against savings and fee-free banking on their National transaction account. "National customers also get all the advantages of our Tailored Home Loan, which is still the easiest and smartest way for home buyers to save tens of thousands of dollars over the medium and long term," Mr Hodgson said. Further information, please contact: Ken Hodgson
0411 024 380 Brandon Phillips
0419 369 058 Majella Allen
0410 440 305
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