National lowers variable rates - 5 December 2001

Friday, 5 December 2001

National Australia Bank has lowered its personal variable home loan rate and its credit card interest rates following today's decision by the Reserve Bank to reduce the official cash rate by 25 basis points.

Home lending rates will fall by the full .25 % from Monday 10 December 2001. Credit card interest rates will also fall by the full .25 % on the next available cycle.

The National Australia Bank recently announced an ongoing policy to fully pass on changes in official interest rates set by the Reserve Bank to personal variable rate home loan borrowers, no more than five days after a rate change announcement.

"Under the National's five day policy, all National customers now have a clear understanding of how their home loan rate will move in relation to official rate changes," said Mike Pratt, Chief Executive Officer of the National's Australian Financial Services.

"The National's standard variable home loan rate will fall from 6.31% to 6.06 % and the base variable home loan rate will move from 5.81% to 5.56% from Monday 10 December 2001.

"Customers now have certainty about when rate changes will be passed on. They will start paying even less for their home loan from Monday 10 December," he added.

* 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