The National Australia Bank (NAB) has cut its standard variable rate for home loans by 0.25% to 5.63%.
The move, announced shortly after competitors Commonwealth Bank and Westpac cut their rates, is expected to help customers save $62.50 a month in interest. The new rate will be used from 20 February, alongside the reduction of 0.25% to its standard variable business lending products.
“This means NAB customers with a standard variable home loan will on average save $62.50-a-month or $750-a-year in interest payments – a significant saving for Australian households,” said
Gavin Slater, Group Executive Personal Banking.
Meanwhile, NAB has also revealed its unaudited cash earnings for December quarter which soared by 6% and amounted to $1.65bn.
To date, NAB is the country’s largest lender with 28% of its lending made to companies.
Existing rates from other major banks as of this morning, 5 February, are as follows:
It can be confusing to know whether to get a variable rate or fixed rate mortgage, and what features are important. That's why it's important to not only check the right rates, but make sure that you're getting the right features in your home loan. Get help choosing the right home loan