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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

10 Sep, 2018 - 1 min read

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

Disclaimer

This article is over two years old, last updated on September 10, 2018. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent home loans articles.

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This article was reviewed by Research Director Sally Tindall before it was published as part of RateCity's Fact Check process.

Laine Gordon

Head of Public Relations

Laine Gordon is the Head of Public Relations at RateCity and an experienced journalist and research specialist. With a background in news and feature writing, covering finance, media and even food (a passion of hers) at Reed Elsevier publications, Laine brings almost two decades of experience to the team. Having covered major areas of interest to the general public from hip pocket issues to rising and falling interest rates and the impact to mortgages, credit and saving in Australia, she is passionate about researching and telling people’s stories to help others make better decisions about their own finances.