14 Oct 2019

NAB responds to ACCC Inquiry into Mortgage Pricing

NAB has responded to the ACCC inquiry into mortgage pricing announced by the Federal Government earlier today.

NAB’s Chief Customer Officer, Consumer Banking, Mike Baird said: “This is an important opportunity to discuss the challenges of an increasingly low interest rate environment and engage in a broader discussion about how we support all our customers – both depositors and borrowers.”

Fast facts:

  • NAB currently has the lowest Standard Variable Rate of the major banks.
  • Last year, NAB held its SVR for 4 months saving home loan customers almost $70 million.
  • NAB continues to back young Australians with their home ownership dreams by offering a special fixed rate of 2.88% p.a. for two years for first home owners.
  • Every month, NAB lends, on average, $4 billion for customers to buy, renovate or refinance their home.
  • NAB home loan customers are, on average, 33.7 months ahead on their repayments, with two-thirds at least one month ahead.
  • NAB recently scrapped over 100 fees from its products and services.

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