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UBank delays product release

by Staff Reporter7 minute read
The Adviser

Staff Reporter

National Australia Bank has been forced to delay plans to launch the UBank mortgage product until early next year, a spokesperson has revealed.

According to the company spokesperson, UBank’s mortgage product scheduled release had to be delayed so that NAB could concentrate on correcting the payment processing issue that affected thousands of customers last month.

“For the remainder of 2010 UBank will focus on its existing range of products,” the spokesperson told The Australian Financial Review.

Late last month UBank said it would make its first foray into the mortgage lending space in December 2010.

While the specifications around UBank’s new mortgage product were unknown, the lender’s parent company, NAB, currently offers the cheapest standard variable rate of the majors at 7.67 per cent.

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