- The NAB is lifting the rate of its special home loan offer.
- The discount is now 0.30% off the advertised rate, when before it was 0.48%.
- RateCity.com.au says CBA now has the lowest ongoing variable rate out of the big four banks.
NAB is increasing its special base variable rate 18 points to 3.87%, up from 3.69%.
The NAB’s Base Variable Rate Special Offer, for new owner occupier principal and interest customers, is a discount of 0.30% of the advertised rate. Previously the discount was 0.48%.
The increase will only apply to new customers.
From Friday, when NAB’s changes take place, the Commonwealth will have the lowest ongoing variable rate out of the big four banks, according to RateCity.com.au.
“Over the last six months NAB has been a champion of competitive pricing, forcing other lenders to put low rates on the table. This decision sees them pull up stumps in the low-rate market, which is disappointing,” says RateCity.com.au research director Sally Tindall.
“That said, by not changing the rate for existing customers, NAB is staying true to its commitment to build trust.
“It is rare to see a bank hike an interest rate but grant immunity to their existing customers. NAB is clearly focused on backing its own customers, over potential new ones.”
Business Insider Emails & Alerts
Site highlights each day to your inbox.