National lowers variable rates - 4 April 2001

National Australia Bank has lowered home loan and personal lending variable interest rates following today's decision by the Reserve Bank to reduce the official cash rate by 50 basis points.

Lending rates will fall by the full 0.5% from Monday, 23 April 2001. Interest rates on credit cards will also be reduced by 0.5%, with new rates applying from May.

The move sees the National's standard variable home loan rate fall from 7.31% to 6.81% and the Base Variable Rate Home Loan moves from 6.81% to 6.31%.

Ken Hodgson, General Manager, Personal Financial Services - National Australia Bank, welcomed the lower rates, saying they would particularly help boost consumer confidence.