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.
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