National Australia Bank has confirmed a number of interest rate changes to some of its lending products.
Effective Friday 29 January, the major bank increased its 30-day rate for business loans by 29 basis points, its 60-day rate by 13 basis points and its 90-day rate by 8 basis points. There are no changes to NAB’s 180-day, 150-day and 120-day rates.
NAB’s group executive of product and markets, Antony Cahill, said pricing decisions “are never taken lightly” and the bank is committed to maintaining competitive rates.
“As we stated at full-year results, we are focused on strengthening the business, investing in more than 200 new business bankers and improved capability and services for our customers,” he said.
“We also said we have to maintain a strong balance sheet in an environment of increased regulation and capital requirements.
“We need to ensure we are getting the balance right between serving our customers and shareholders while considering the broader economic and regulatory environment," he said.
“We are the leading business bank in Australia, and we believe NAB’s relationship model provides a market-leading service proposition for our business customers.”
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