Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

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

SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets

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

share with twitter share with LinkedIn share with facebook
share via e-mail
0
05/02/2012 | 10:35am CET

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
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on NATIONAL AUSTRALIA BANK LT
12/14 NATIONAL AUSTRALIA BANK : NAB Creates New Way to Invest in Renewable Energy
12/14 NATIONAL AUSTRALIA BANK : stops all lending for new thermal coal projects
12/14 NATIONAL AUSTRALIA BANK : Update on financing of new thermal coal mining project..
12/14 NATIONAL AUSTRALIA BANK : NAB creates a new way to invest in renewable energy
12/13 $100,000 FAST, EASY UNSECURED FINANC : Backing Australian Small Busine...
12/12 NATIONAL AUSTRALIA BANK : Sustainability at the forefront of farmers’ conc..
12/12 NATIONAL AUSTRALIA BANK : NAB doubles down on investment into innovation hub
12/12 Australia's great life insurance sell-off
12/12 Zurich becomes Australia's biggest life insurer with $2.1 billion ANZ purchas..
12/12 Zurich becomes Australia's biggest life insurer with $2.1 billion ANZ purchas..
More news
News from SeekingAlpha
11/05 National Australia Bank Ltd. (Victoria, Australia) ADR 2017 Q4 - Results - Ea..
06/29 Top 'Safer' Dividend Financial Services Dog Is MVC Capital By Broker Boost Fo..
05/30 AUSTRALIAN BANKS : In A Shadow Slowdown
05/22 56% Top Gain Financial Services Dog Maiden Holdings Tagged 'Safer' For Divide..
05/10 The New Banking Levy May Lead To A Dividend Cut At National Australia Bank
Financials ( AUD)
Sales 2018 18 512 M
EBIT 2018 9 528 M
Net income 2018 6 307 M
Debt 2018 -
Yield 2018 6,64%
P/E ratio 2018 13,18
P/E ratio 2019 12,05
Capi. / Sales 2018 4,33x
Capi. / Sales 2019 4,16x
Capitalization 80 083 M
Chart NATIONAL AUSTRALIA BANK LT
Duration : Period :
National Australia Bank Lt Technical Analysis Chart | NAB | AU000000NAB4 | 4-Traders
Technical analysis trends NATIONAL AUSTRALIA BANK LT
Short TermMid-TermLong Term
TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 15
Average target price 32,8  AUD
Spread / Average Target 9,9%
EPS Revisions
Managers
NameTitle
Andrew Gregory Thorburn Group Chief Executive Officer & Managing Director
Kenneth Ross Henry Chairman
Anthony J. Cahill Chief Operating Officer
Patrick C. Wright Chief Technology & Operations Officer
Gary Lennon Chief Financial Officer
Sector and Competitors
1st jan.Capitalization (M$)
NATIONAL AUSTRALIA BANK LTD.-2.77%61 486
JP MORGAN CHASE & COMPANY22.76%363 141
INDUSTRIAL AND COMMRCL BANK OF CHINA LTD33.33%309 843
BANK OF AMERICA30.23%299 672
WELLS FARGO7.78%291 829
CHINA CONSTRUCTION BANK CORPORATION28.49%240 348