|
|
|
National Australia Bank will increase its personal variable home loan rates following yesterday's decision by the Reserve Bank to raise the official cash rate by 25 basis points. The National's standard variable home loan rate will move from 6.31% to 6.56% and the base variable home loan rate will move from 5.81% to 6.06% from Monday 10 June 2002. Last year, the National announced an ongoing policy to fully pass on changes in official interest rates set by the Reserve Bank to personal variable home loan rate borrowers, no more than five days after a rate change announcement. "This five day policy ensures that all National customers understand how their home loan rate will move in relation to official rate changes- whether rates go up or down," said Mr Peter Flavel, General Manager of the National's Personal Financial Services.
|
