“In a statement announcing the move, NAB said its customers would be paying $51 per month less than Westpac customers on an average $300,000 home loan.
"We are determined to be competitive, to offer our customers a better deal and attract new customers to NAB," NAB personal banking group executive, Lisa Gray, said in a statement.
"Today we are sending a message to customers at Westpac, and the other banks, that NAB can offer them a better deal."
Ms Gray said the bank's new variable rate was likely to remain lower than the other majors'.
"We have been very considered with this announcement given funding costs and the cost of raising deposits continue to fluctuate and are expected to increase further," she said.
"While we are monitoring the increase in funding costs, we will continue to absorb these in the short term but will maintain our focus on making responsible business decisions." “
As a NAB customer I'm extremely impressed with NAB since the new CEO took over. Got an amazing rate on our latest loan. And their new UBank online saving account is brilliant.
I'm not a fan of Gail Kelly or Wespac (and St George due to past experiences) so I have avoided these banks. Hence their latest greedy rate move won't affect me thank goodness.
Cheers - Gordon
"We are determined to be competitive, to offer our customers a better deal and attract new customers to NAB," NAB personal banking group executive, Lisa Gray, said in a statement.
"Today we are sending a message to customers at Westpac, and the other banks, that NAB can offer them a better deal."
Ms Gray said the bank's new variable rate was likely to remain lower than the other majors'.
"We have been very considered with this announcement given funding costs and the cost of raising deposits continue to fluctuate and are expected to increase further," she said.
"While we are monitoring the increase in funding costs, we will continue to absorb these in the short term but will maintain our focus on making responsible business decisions." “
As a NAB customer I'm extremely impressed with NAB since the new CEO took over. Got an amazing rate on our latest loan. And their new UBank online saving account is brilliant.
I'm not a fan of Gail Kelly or Wespac (and St George due to past experiences) so I have avoided these banks. Hence their latest greedy rate move won't affect me thank goodness.
Cheers - Gordon