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National Australia Bank announced that it would lower interest rates for home loans, credit cards, personal and business lending following today's decision by the Reserve Bank to reduce the official cash rate. The National's standard variable home loan rate falls from 7.56% to 7.31% from Monday, 19 March 2001, Personal and business loans will also drop 0.25% from 19 March 2001. The National will pass on the full rate reduction to all its credit card products - both standard and gold cards - from the opening date of the next statement cycle which commences on or after April 2, 2001. "Today's decision by the Reserve Bank to lower the official cash rate follows its recent February reduction and is great news for home owners and those thinking about purchasing a home," said Mr Mike Pratt, the National's Chief Executive Officer - Australian Financial Services. "We believe it is important to pass on the rate cut to all our customers - including all our small business customers,' Mr Pratt said. The National's base business rate falls from 9.6% to 9.35% while the business mortgage rate falls from 7.75% to 7.5%, Personal loans will fall by 0.25% - for example the secured personal loan drops from 9.47 to 9.22%, while an unsecured loan of $20,000 over 4-5 years eases from 10.04% to 9.79%.
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