NAB encourages home loan customers to pay down debt

Share

Share

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%

 

Announcements

SEE ALL TOPICS

Related Articles

  • Technology

NAB and Amazon launch PayTo® payment for Amazon.com.au customers

Customers shopping on Amazon.com.au can now use ‘PayTo’ to make a purchase directly from their bank account in a seamless, secure way, removing the need to provide card details.

  • 31.01.2025
  • Time to read 2 min read
  • Economy

NAB’s Chair and CEO address shareholders at the 2024 AGM

NAB Chair Philip Chronican and CEO Andrew Irvine addressed shareholders at NAB’s 2024 Annual General Meeting (AGM) in Melbourne today.

  • 18.12.2024
  • Time to read 1 min read
  • Announcements

NAB announces sale of remaining 20% stake in MLC Life Insurance

NAB has today announced it has entered into an agreement to sell its remaining stake in MLC Life Insurance to Nippon Life Insurance Company for $500 million.

  • 11.12.2024
  • 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.