Get notifications in real-time for staying up to date with content that matters to you.
National Australia Bank (NAB) was the first big bank to make a move on interest rates yesterday, increasing its variable home loan rate by 29 basis points.
Head of NAB Ahmed Fahour said the bank had lifted rates four basis points above the official cash rate rise because the RBA’s rate hike did not reflect the true cost of funding.
“Even with the additional 0.04 per cent change on variable rate products, NAB is continuing to absorb a significant portion of the increased wholesale funding costs,” Mr Fahour said.
NAB’s standard variable rate will sit at 9.27 per cent as of today.
Published: 07-03-08
Who do you aggregate through?
Thank you for your vote, you can see the results here.
RBA, APRA sing different tune on serviceability buffers
APRA chair Wayne Byres has dismissed the need for a cut to the bu...
Remodelled FHB scheme cops backlash
From 1 July, all applications for the FHLDS will require a Notice...
Building society employs video VOI process
Newcastle Permanent has introduced a new process to enable verifi...
The number one magazine for mortgage brokers
The Adviser is the number one magazine for Australia's finance and mortgage brokers. The publications delivers news, analysis, business intelligence, sales and marketing strategies, research and key target reports to an audience of professional mortgage and finance brokers
As Australia tries to keep pace with a rapidly changing business and social landscape in the wake of COVID-19, Momentum Media is leading the way delivering essential content to our communities, writes Alex Whitlock, director of The Adviser.
Receive breaking news direct to your inbox each day
