Big Bank bust up, NAB goes it alone on behalf of its customers

Big Bank bust up, NAB goes it alone on behalf of its customers

NAB has bucked the rate-hike trend, announcing it will leave its standard variable rate on hold at 5.24 per cent today.

 Today’s announcement comes 12 days after Westpac first announced they would hike rates by 0.14 per cent, with ANZ and CBA following just over a week later with hikes of 0.16 and 0.15 per cent respectively.

Sally Tindall, research director at RateCity.com.au, said the move sees NAB once again ‘breaking up’ with the other three major banks.

“Today’s announcement is exactly what home owners need,” she said.

NAB has heard the complaints from the government, regulators and most importantly their customers, and has acted.

“It’s great to see a bank putting its customers ahead of its profit margins.

“Today’s move benefits almost one million NAB customers and potentially even more if people choose to switch to NAB.”

Big Four standard variable home loan rates and repayments

ANZ CBA NAB Westpac
Standard variable rate 5.36% 5.37% 5.24% 5.38%
Monthly repayment $1,677 $1,679 $1,655 $1,681
Annual repayment $20,124 $20,148 $19,860 $20,172

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