Member access

4-Traders Homepage  >  Shares  >  AUSTRALIAN SECURITIES EXCHANGE LIMITED  >  National Australia Bank Ltd.    NAB   AU000000NAB4

End-of-day quote. End-of-day quote AUSTRALIAN SECURITIES EXCHANGE LIMITED - 12/19
32.66 AUD   +2.93%
1d ago Aussie Banks In Class Action For Unlawful Fees
3d ago NATIONAL AUSTRA : Report: Australian lawmaker's adviser arrested
3d ago NATIONAL AUSTRA : NAB customers leave Christmas shopping to final we..
SummaryQuotesChart AnalysisNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector news 

National Australia Bank Ltd. : NAB reduces standard variable home loan rate to 6.99% p.a.

05/02/2012 | 04:35am US/Eastern

2 May 2012

NAB continues to offer the lowest of the major banks, now for 34 months

National Australia Bank (NAB) today announced it would reduce its standard variable home loan interest rate by 0.32%p.a. to 6.99%p.a. - the lowest of the major banks.

The reduction will save NAB customers $80 per month in interest, on the average $300,000 home loan.

Lisa Gray, Group Executive NAB Personal Banking, said NAB has offered the lowest standard variable home loan rate of the major banks for 34 months and has committed to staying the lowest of the majors for 2012.

"The European debt crisis is having an impact on the global and domestic economy. By maintaining the lowest standard variable rate of the major banks, we have sought to continue to shield our customers from current global economic instability.

"Decisions on lending rates are not taken lightly, but we are determined to provide our customers with certainty through our commitment to stay the lowest of the major banks for the rest of 2012.

"Our lowest SVR commitment builds on our fair value philosophy, under which NAB has led the industry in taking action to save our customers money, such as abolishing some of the most-complained-about fees and reforming our credit card payment hierarchies," she said.

Standard variable home loan rates
(at 3.30pm on 2 May 2012)
  • NAB 6.99%p.a.
  • CBA 7.41%p.a.
  • ANZ 7.42%p.a.
  • WBC 7.46%p.a.

All Australian banks are paying more for both deposits and wholesale funding, as a result of global economic instability.

In 2012, the premium NAB has been paying for wholesale and deposit funding has consistently been at least 1.45%p.a. higher than the RBA Cash Rate. This compares with 0.10%p.a. before the GFC.

"We will continue to offer a fair exchange of value, balancing rising funding costs, the needs of our existing customers and our ability to continue lending to home owners and businesses," Lisa said.

The most recent verified figures show the average interest rate being paid by NAB for term deposits, was 1.68%p.a. higher than the RBA Cash Rate in March 2012. This compares with 0.32%p.a. before the GFC.

The NAB iSaver variable rate will change to 3.65%p.a. An additional 1.35%p.a. bonus interest is payable on new iSaver accounts for the first four months, bringing the total rate to 5.00%p.a.

NAB will also reduce its rate on standard variable business rate lending products and Homeside standard variable home loan rate by 0.32%p.a.

The interest rate for purchases will be reduced by 0.50%p.a. on the NAB flybuys Rewards Card and by0.25%p.a. on all other NAB consumer credit cards.

The new NAB standard variable home loan rate and NAB iSaver rate will be effective from Friday, 4 May 2012.

Media Contacts:

Brian Walsh
M: +61 (0) 411 227 585

Meaghan Telford
M: +61 (0) 457 551 211

distributed by
React to this article
Latest news on NATIONAL AUSTRALIA BANK LT
1d ago Aussie Banks In Class Action For Unlawful Fees
2d ago NATIONAL AUSTRALIA BANK : NAB weighs up 'broader options' for UK disposal
2d ago NATIONAL AUSTRALIA BANK : Fitch Affirms Clydesdale Bank PLC's Covered Bonds at '..
3d ago NATIONAL AUSTRALIA BANK : Report: Australian lawmaker's adviser arrested
3d ago NATIONAL AUSTRALIA BANK : NAB customers leave Christmas shopping to final week
4d ago NATIONAL AUSTRALIA BANK : Aussie kids driving philanthropic decisions
4d ago NATIONAL AUSTRALIA BANK : Three different approaches to RICO extraterritoriality
5d ago Cerberus buys more Europe property assets with RBS, NAB deals
6d ago NATIONAL AUSTRALIA BANK : NAB statement on debt in drought affected areas in Qld..
6d agoDJAustralia's NAB Hastens U.K. Exit
Advertisement
Chart
Duration : Period :
National Australia Bank Lt Technical Analysis Chart | NAB | AU000000NAB4 | 4-Traders
Income Statement Evolution
More Financials
Dynamic quotes  
ON
| OFF