(4 December 2009 – Australia) National Australia Bank (NAB) has invited Westpac’s customers to join the bank; as NAB releases it new standard variable home loan rate keeping within the Reserve Bank of Australia’s official cash rate increase of 25 basis points.The announcement comes after Westpac announced its decision to increase their standard variable home loan rate by 45 basis points, 20 basis points above the RBA’s official move.
Lisa Gray, group executive, NAB Personal Banking, said she encourages Westpac’s customers to take a fresh look at NAB as the evidence was mounting.
NAB is determined to be competitive, to offer customers a better deal and attract new customers to NAB. The bank is sending a message to customers at Westpac, and the other banks, that NAB can offer them a better deal, Ms Gray said.
The bank also said that they have been very considered with this announcement given funding costs and as the cost of raising deposits continue to fluctuate and are expected to increase further.
However, NAB believes that improving their reputation and relationships with customers and the community is core to the long term sustainability and success of its business.
NAB will increase its home loan and a range of consumer deposit interest rates on Friday, 4 December 2009. NAB will also increase interest rates on a range of business deposit and variable business lending products by 0.25 percent per annum, effective Monday, 7 December 2009.