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.
With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now