An increase of 0.25 per cent on the NAB's standard variable interest rate is now effective.
The National Australia Bank (NAB) has increased its standard variable
interest rate by 0.25 per cent per annum, which is now effective.
But the rate of 6.99 per cent each year is still the best compared with the other major banks and has been for ten consecutive months now, according to the bank – which offers
NAB savings accounts among other services.
Lisa Gray, group executive of NAB Personal Banking, said it had reassured customers that any increase would not be higher than the amount the Reserve Bank of Australia (RBA) raised the official cash rate earlier this week.
She added: "We are delivering on that promise. We are also delivering on our promise to be more competitive."
At the time of its announcement NAB was the only bank to offer a standard variable rate of less than seven per cent.
Following the RBA's rate rise earlier this week governor Glenn Stevens noted
Aussie credit for housing "has been expanding at a solid pace".
By Mark Hornby
