NAB passes on 0.25% p.a. cut to home loan customers

Share

Share

NAB today announced it will reduce its variable rate for home loans by 0.25% p.a.

This announcement means NAB’s Variable Rate for Home Loans (Standard Variable Rate) will reduce from 5.60% p.a. to 5.35% p.a.

NAB customers with a Standard Variable Rate home loan will save an average of $47-a-month on their monthly home loan principal and interest repayments based on a $300,000 loan over a 30-year term.

NAB Group Executive Personal Banking Gavin Slater said in making the decision to change interest rates, the bank considers a range of factors.

“The circumstances of each decision will always vary and we must take into account factors such as competition, regulatory capital requirements and funding costs,” Mr Slater said.

“Today’s decision balances the needs of our home loan customers with our shareholders.”

Today’s change applies to Owner Occupier and Residential Investment variable rate home loans.

  • For owner occupiers with NAB’s Variable Rate for Home Loans (Standard Variable Rate) the rate will reduce from 5.60% p.a. to 5.35% p.a.
  • For residential investors with NAB’s Variable Rate for Residential Investment Home Loans the rate will reduce from 5.75% p.a. to 5.50% p.a.

NAB will also reduce its rate on standard variable business rate lending products by 0.25% p.a.

The new rates will be effective from Monday 16 May 2016.

Announcements

SEE ALL TOPICS

Related Articles

  • Customers

Becoming Australia and NZ’s most customer-centric company

NAB has this week launched an evolution of its strategy, with CEO Andrew Irvine saying it’s time to raise the bar.

  • 24.10.2024
  • Time to read 1 min read
  • Business

New NAB Portal Pay to simplify and streamline property payments

NAB’s new payment platform will help reduce the complexities and administration burden traditionally associated with property sales and rental transactions.   

  • 20.09.2024
  • Time to read 3 min read
  • Media Release

NAB releases Q3 trading update

NAB has today released its third quarter trading update.

  • 16.08.2024
  • Time to read 1 min read

Quick links

National Australia Bank — NAB

Sometimes When The Unexpected Happens, We Realise What We Truly Value. Whether A Home, Farm, Business Or Your Passion, NAB Is Here To Support You.

Business Research and Insights

For more business news and analysis, visit NAB’s Business Research and Insights.