NAB Standard Variable rate for Home Loan on hold

National Australia Bank will continue to hold its Standard Variable Rate (SVR) for home loans at 5.24 per cent.

NAB CEO Andrew Thorburn said: “We are listening and acting differently. We need to rebuild the trust of our customers, and by holding our NAB Standard Variable Rate longer, we help our customers for longer.”

“By focusing more on our customers, we build trust and advocacy, and this creates a more sustainable business.”

Mr Thorburn said NAB will continue to regularly review its rates and assess whether current market conditions, including funding costs, continue.

The decision benefits more than 930,000 NAB customers.  If NAB had increased its SVR by 15 basis points, the average home loan customer with a $300,000 loan would have paid an extra $28 each month, or $336 a year, on their repayments.  A customer with a $500,000 home loan would have paid an extra $47 each month, or $564 per year, on their repayments.

Miko Santos

Miko Santos is the founder of Reporti and a NZ/Australia GMA 7 News Correspondent.

Mico has BA in Journalism. He worked as an feature writer/ Journalist for 20 years in the Philippines. Covering big events such as EDSA 2 and 3 and the 2011 Christchurch Killer Earthquake for GMA 7.

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