National cuts 1, 3 and 5 year fixed rate home loan rates - 29 July 2002

The one-year fixed rate has been reduced by 10 basis points to 6.29%. The three-year fixed rate has been reduced by 20 basis points to 6.69%, and the five-year fixed rate has been reduced by 20 basis points to 7.09%.

"The National is committed to offering customers value for money in their fixed rate home loans," said Mr Peter Flavel, the National's General Manager, Personal Financial Services.

"These are highly competitive rates. The National is able to offer these low rates due to a fall in the cost of funds.

"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.

"These low rates complement the National's other competitive offerings to home loan customers. These products and services include:

• Every home loan customer has their own personal banker who takes the time to understand the customers' financial goals and advises on tailoring National products to the needs of the customer;
  
• Home loan packages that combine preferential interest rates, transaction free banking, and special offers on investment and insurance products;
  
• A competitive six month and one year introductory fixed rate as part of the National Tailored Home Loan Package; and
  
• The ability to draw on the expertise of the National's wholly owned wealth management subsidiary, MLC, which is one of Australia's largest retail fund managers.

Customers keen to take advantage of the National's offer should call in to any branch or call 13 13 12.