05 Aug 2014

NAB encourages home loan customers to pay down debt

National Australia Bank is encouraging home loan customers to take advantage of record low interest rates and get ahead on their mortgage after the Reserve Bank of Australia this afternoon left the official cash rate on hold at 2.50%.

Gavin Slater, Group Executive Personal Banking, said NAB was offering some of the lowest home loan rates in more than 20 years, making it a great time for homeowners to pay down more of their mortgage.

“We know about 85 per cent of NAB home loan accounts are ahead on their mortgage repayments and customers have a great opportunity at the moment to get further ahead,” he said.

NAB is currently offering the leading packaged fixed home loan rates of the major banks across one, two, three, four and five-year terms as well as the lowest standard variable rate of 5.88%p.a.

“No other bank has done more than NAB to drive competition, and this has benefited all customers, not just ours,” Mr Slater said.

“At NAB, we have cut fixed rates on five separate occasions this year and offered the lowest standard variable rate of the major banks for more than five years, so customers know our track record speaks for itself.”

Last month NAB cut its Choice package fixed interest rate for the three-year term by 0.11% to 4.94%p.a, its four-year term by 0.45% to 4.99%p.a. and its five-year term by 0.70% to 4.99%p.a.

Major banks’ announced packaged fixed principal and interest rates as at 5 August:

Term NAB(pa) ANZ(pa) CBA(pa) WBC(pa)
1 Year 4.79% 4.79% 4.79% 4.79%
2 Year 4.84% 4.84% 4.84% 4.84%
3 Year 4.94% 4.94% 5.09% 4.99%
4Year 4.99% 5.49% 5.59% 4.99%
5 Year 4.99% 5.49% 4.99% 4.99%

 

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