National Australia Bank today encouraged home loan customers to shop around for the best deal to suit their needs after the Reserve Bank of Australia kept the official cash rate on hold at 2.50%.

Gavin Slater, Group Executive Personal Banking, said the mortgage market had never been more competitive so customers are able to find a home loan that suits their needs with a great rate.

“No other bank has done more to drive competition than NAB, and this has benefited all customers, not just NAB’s.” he said.

“At NAB we recently cut our four-year fixed rate by 0.20% to 5.44%p.a. – the lowest it has been in more than 20 years – and we cut our three-year rate by 0.05% to 5.14%, and we’ve seen the proportion of customers opting for fixed rates increase over recent weeks.”

For more than four years NAB home loan customers have benefited from the most competitive standard variable rate of all the major banks, currently at 5.88%p.a, saving customers up to $2350 in interest.

“NAB has led the industry in making banking fairer for all customers, having abolished the most complained about fees and provided customers with the best products and the best service,” he said.

“NAB’s home loan rates provide our customers with an opportunity to get further ahead on their mortgage repayments, or to become a home owner for the first time. So there’s never been a better time to have a home loan with NAB.

“At NAB, we know people are returning to work at this time of year and turning their attention to personal finances, so we want to make it easier for them to get their household budgets in order with the best rates and the best service and advice to back it up.”