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Big four bank puts fixed rates to the sword

by Staff reporter7 minute read
The Adviser

NAB Broker has announced it will cut fixed rates on its one-year, two-year, three-year and five-year Homeplus products.

The bank’s five-year fixed rate will be reduced by 40 basis points to 4.59 per cent per annum, while its one-year fixed rate will be cut by 30 points to 4.49 per cent.

The two-year and three-year fixed rates will both be reduced by 25 basis points to 4.59 per cent and 4.69 per cent respectively.

NAB Broker general manager Steve Kane said the cuts provide customers with certainty and stability and demonstrate the lender’s commitment to the third-party channel.

“The reductions mean that NAB Broker is now offering some of its lowest fixed rates ever,” he said.

“Many customers are looking for certainty in the current economic environment, and these low rates mean brokers can offer that stability to their customers.”

The rate cuts come after the major bank announced last week that it will reduce its Homeplus variable interest rate by 0.25 per cent.

[Related: NAB home loan balances grow 8.5pc]

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