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The National Australia Bank has announced a reduction in short-term fixed interest rate home loans, effective from Monday 23 April 2001.
The new introductory rates for the National Tailored Home Loan package are as follows:
| 6 month |
4.89% |
(previously 4.99%) |
| 12 months |
5.49% |
(previously 5.69%) |
At the end of the fixed rate period, the rate reverts to the National's standard variable home loan rate, currently a competitive 6.81% pa.
Mr Ken Hodgson, the National's General Manager, Retail Financial Services, said the decision to lower the six month and one year introductory rates was based on changes to the wholesale markets.
"These low introductory rates give customers a head-start on a new loan and have proved to be very popular with home buyers," Mr Hodgson said.
The National also announced cuts to its business banking rates effective Monday 23 April.
All business banking rates will reduce by 50 basis points with the business mortgage instalment loan dropping from 7.5% to 7%.
From Monday the National's "Blackboard" term deposits will fall by 0.20% with the current4
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