6 August 2013
National Australia Bank today announced it would cut its standard variable home loan rate by 0.25%p.a. to 5.88%p.a – saving customers an average $62.50 a month in interest.
The decision means no other major bank has offered a lower standard variable rate than NAB for more than four years.
Gavin Slater, Group Executive Personal Banking, said NAB was committed to being competitive and providing certainty for customers in the current economic environment.
“We’ve today cut our standard variable home loan rate to 5.88%p.a, which is the lowest it’s been in four-and-a-half years, to give our customers the certainty of a fair deal,” he said.
“During the past four years, NAB customers on a typical mortgage have saved up to $2170 in interest on NAB’s SVR compared to being on the SVR of the other major banks – and we’ve led the industry with our Fair Value Agenda.
“Since 2009 NAB has introduced a number of changes to our products through the Fair Value Agenda, such as the abolition of the most complained about fees, and making our credit card payments fairer, providing our customers with the best products we can offer.”
The new rate is effective from Monday 12 August. NAB will also reduce its rate on standard variable business rate lending products by 0.25%p.a. UBank, backed by NAB, also announced it would cut its standard variable rate for the online-only UHomeLoan by 0.25%p.a.
|Bank||Announced standard variable home loan rates as at 2.35pm 6 August 2013|
For further information:
Media Mark Alexander M: +61 (0) 412 171 447
Nick Higginbottom M: +61 (0) 477 342 075
Note to editors: The monthly saving reflects interest savings resulting from the 0.25%p.a. reduction in SVR on a $300,000 interest-only home loan.