National Australia Bank will continue to hold its Standard Variable Rate (SVR) for home loans at 5.24 per cent.
NAB CEO Andrew Thorburn said: “We are listening and acting differently. We need to rebuild the trust of our customers, and by holding our NAB Standard Variable Rate longer, we help our customers for longer.”
“By focusing more on our customers, we build trust and advocacy, and this creates a more sustainable business.”
Mr Thorburn said NAB will continue to regularly review its rates and assess whether current market conditions, including funding costs, continue.
The decision benefits more than 930,000 NAB customers. If NAB had increased its SVR by 15 basis points, the average home loan customer with a $300,000 loan would have paid an extra $28 each month, or $336 a year, on their repayments. A customer with a $500,000 home loan would have paid an extra $47 each month, or $564 per year, on their repayments.
Note: Calculations are based on an owner occupier, principal and interest loan over a 30-year term.
CEO Andrew Thorburn’s message to customers is available here.
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