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NAB has announced a 0.25 per cent increase on their variable home loan rate.
The lender was the first of the ‘big four’ banks to hike their interest rates following the RBA’s announcement on Wednesday.
Speaking of the bank's rate rise NAB Australia chief executive officer Ahmed Fahour said: “Our wholesale funding cost remains above normal levels due to the impact of the United States sub-prime instability and its impact on world financial markets. We have been absorbing this additional cost on our variable home lending.”
“The additional cost in the wholesale funding market has been approximately 0.20 per cent to 0.30 per cent and is being monitored on a daily basis. If the higher level of wholesale funding cost persists this will need to be addressed.”
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