About Us > Media Centre > Media Releases/ASX Announcements > Media releases 2001 > Media releases March 2001 > National cuts fixed rate 3 year loan to 6.59% - 2 March
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National cuts fixed rate 3 year loan to 6.59% - 2 March 2001
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The National Australia Bank has announced a reduction in fixed interest rate home loans, effective from Monday 5 March 2001.
The new rates are as follows:
| 1 year |
6.89% |
(down 0.1%) |
| 2 year |
6.79% |
(down 0.2%) |
| 3 year |
6.59% |
(down 0.1%) |
| 4 year |
6.99% |
(unchanged) |
| 5 year |
6.99% |
(unchanged) |
| 10 year |
7.69% |
(unchanged) |
The National Tailored Home Loan introductory 1 year fixed rate will reduce to 5.79%, down from 5.99% and the 6 month introductory fixed rate remains a low 4.99%.
Mr Ken Hodgson, the National's General Manager, Retail Financial Services, said the decision to lower some fixed rate home loans followed a recent downward move in wholesale market rates.
"Autumn is a peak period for home lending activity and this cut should assist people in taking a decision on a property purchase," Mr Hodgson said
Some NAB Term Deposit rates will also change from Monday March 5. The National's Blackboard special rate will move to 5.15% for 4 to less than 5 months (previously 5.25% for 5 to less than 6 months).
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