NAB Broker has announced changes to its variable home loan rates.
NAB Broker said it will increase the interest rate on all new and existing variable rate home loans by 0.17 per cent to 5.63 per cent, effective Thursday, 12 November 2015.
Earlier today NAB announced that it will increase the interest rate on all new and existing variable rate home loans by 0.17 per cent to 5.60 per cent.
NAB Broker general manager, Steve Kane, said the decision was in response to regulatory changes on capital requirements and the increased costs associated with providing home loans.
“We operate in a dynamic and highly regulated home loan market and a number of lenders are making changes to meet regulatory obligations,” Mr Kane said.
“We believe this is the right decision for the long term and brokers are in a prime position to support customers through this change and provide them with the advice they need.”
There are no changes to fixed rates, with NAB Broker having cut its two, three and four-year fixed home loan rates earlier this year.
Conditions, fees and eligibility criteria apply to NAB Broker’s products.
James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.
He has a sound pedigree to cover the business of mortgages and the converging financial services sector having reported for leading finance titles InvestorDaily, InvestorWeekly, Accountants Daily, ifa, Mortgage Business, Residential Property Manager, Real Estate Business, SMSF Adviser, Smart Property Investment, and The Adviser.
He has also been published in The Daily Telegraph and contributed online to FST Media and Mergermarket, part of the Financial Times Group.
James holds a BA (Hons) in English Literature and an MA in Journalism.
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