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National Australia Bank has today announced market-leading three-year and five-year fixed rate home loans available from Monday 13 May 2002. The three year fixed rate will fall from 6.79% to 6.39% and the five year fixed rate will fall from 7.29% to 6.79%. "Our low fixed rates are in response to the announcement by the Reserve Bank today that the official cash rate will be raised by 25 basis points," said Peter Flavel, the National's General Manager, Personal Financial Services. "In a rising rate environment, some customers may prefer the security and certainty of a fixed rate home loan. We want to give them that opportunity to take advantage of market-leading low rates. "The National's special fixed rates will enable customers to forget about home loan interest rates for the next three or five years," said Mr Flavel. Customers keen to take advantage of the National's offer should call in to any branch or call 13 13 12. Variable home loan rates will rise in response to the Reserve Bank's announcement today. Variable home lending rates will increase by 25 basis points from Monday 13 May 2002. The National's standard variable home loan rate will move from 6.06% to 6.31 % and the base variable home loan rate will move from 5.56% to 5.81% from Monday 13 May 2002.
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