National lowers fixed rate on home loans - 20 June 2003

The National Australia Bank today announced reductions in home loan fixed interest rates. The new rates effective from Monday 23 June 2003 are:

1 Year 5.75%

2 Year 5.90%

3 Year 5.85%

4 Year 6.00%

5 Year 6.05%

10 Year 7.00%

National's fully owned mortgage broker lending channel, Homeside Australia, will also reduce rates on fixed home loans. The new rates effective from Friday 27 June 2003 are:

1 Year 5.80%

2 Year (intro) 5.80%

2 Year 5.90%

3 Year 5.95%

4 Year 6.00%

5 Year 6.05%

Commenting on the announcement, Mr Gordon Lefevre, head of National's Personal Financial Services business, said the National's rates are good news for customers."Home loan customers will find National's rates competitive. This combined with National's range of mortgage products gives significant choice for customers seeking to lock in rates in the current interest rate environment."