5 December 2012
National Australia Bank (NAB) has cut its standard variable home loan rate by 0.20% to 6.38%p.a. – the lowest of the major banks.
NAB’s decision to reduce its Standard Variable Rate (SVR) by 0.20% will save customers up to $50 per month in interest on the average $300,000 home loan.
|Bank||Announced standard variable home loan rates as at 10am, 5 Dec 2012|
Group Executive Personal Banking Lisa Gray said decisions on interest rates were not taken lightly and the bank sought to strike the right balance between the cost of funding and offering competitive rates to customers.
“NAB has offered the lowest standard variable home loan rate of the major banks for 41 months and our track record of being competitive speaks for itself,” she said.
“Over the past 41 months, NAB customers with a typical mortgage have saved up to almost $1900 in interest on NAB's SVR compared to being on the SVR of the other major banks.
“The impact of deposit and wholesale funding costs remain high, resulting from instability in the global economy and low confidence domestically.
“Our new rate is effective from 10 December and continues our delivery of our pledge to offer the lowest standard variable home loan rate of the major banks for 2012. Throughout the year, we have consistently acted to deliver on our pledge to our customers to offer the lowest standard variable rate throughout 2012.”
NAB will also reduce its rate on standard variable business rate lending products by 0.20% p.a., effective from Monday 10 December 2012.
Meaghan Telford M: +61 (0) 457 551 211
George Svigos M: +61 (0) 459 841 579
Note to editors: The monthly saving reflects interest savings resulting from the 0.20%p.a. reduction in SVR on a $300,000 interest-only home loan.