Warren Shaw, NAB's general manager of mortgages, said the rate would attract first homebuyers to the bank. "The 6.25 one-year fixed introductory rate home loan is a very competitive offer and will assist first homebuyers in reducing their borrowing costs for their new home," he said.
Key features of the new rate include the ability to make additional repayments of up to $20,000 during the fixed rate period and a choice of weekly, fortnightly or monthly repayments. After the first year introductory period, the 6.25% fixed rate switches to NAB's standard variable rate.
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