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All four majors toe the line

Staff Reporter 4 minute read

The last of the big four banks has confirmed it will meet the Reserve Bank’s 25 basis point rate increase.

Almost 24 hours after the initial announcement by the Reserve Bank, NAB said it would lift its variable mortgage home loans by just 0.25 per cent.

By doing so, the bank has managed to keep the 27 basis point spread, which appeared between the majors in December, in place for another month.

The last time the Reserve Bank announced an increase to interest rates, Westpac decided to exceed the 25 basis point increase by 0.2 per cent, sparking a backlash of public criticism, while NAB decided to move in the line with the Reserve Bank.

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Speaking after NAB's decision to lift rates, the company's group executive of personal banking Lisa Gray said the major had seen a dramatic upswing in the number of Australians approaching the bank for a loan in recent months.

“We attribute this to not only having had the most competitive standard variable rate for nine consecutive months, but also to the fact that Australians are recognising that NAB is looking to do things differently and bring more competition and choice for bank customers,” Ms Gray said.

According to Ms Gray, the bank has also seen a 100 per cent uplift in applications in the broker market via the Homeside brand.

All four majors toe the line
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