NAB cuts to 5.63% standard variable rate

NAB cuts to 5.63% standard variable rate
Jonathan ChancellorFebruary 4, 2015

National Australia Bank has followed the Commonwealth Bank of Australia and Westpac in cutting the interest rate on its standard variable home loan rate by 25 basis points.

It is the full amount of the RBA's cut, taking its standard variable rate to 5.63%.

This equates to a $62.50 a month saving for the average loan customer, said Gavin Slater, NAB's head of personal banking. 

National Australia Bank also reported unaudited cash earnings of $1.65 billion for the quarter, up 6% on the prior period.

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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