After CBA and ANZ followed Westpac in hiking variable mortgage rates, we were all watching for NAB’s reaction. Well today that came with confirmation that they will keep rates on hold for now. So their rate will still be 5.24%.
NAB chief executive Andrew Thorburn said today:
“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.”
NAB say 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.
The next round of banks reports are due late October/early November, with ANZ reporting its full-year financial results on October 31, followed by NAB on November 1 and Westpac on November 5.
