Original article courtesy of The Advisor written by James Mitchel
NAB has today announced that it will pass on the RBA’s full rate cut to mortgage customers.
The major bank will reduce its variable rate for home loans by 0.25 per cent.
This announcement means NAB’s Variable Rate for Home Loans (Standard Variable Rate) will reduce from 5.60 per cent p.a. to 5.35 per cent p.a.
NAB group executive personal banking Gavin Slater said in making the decision to change interest rates, the bank considers a range of factors.
“The circumstances of each decision will always vary and we must take into account factors such as competition, regulatory capital requirements and funding costs,” Mr Slater said.
“Today’s decision balances the needs of our home loan customers with our shareholders.”
The change applies to owner occupier and residential investment variable rate home loans.
For owner occupiers with NAB’s Variable Rate for Home Loans (Standard Variable Rate) the rate will reduce from 5.60 per cent p.a. to 5.35 per cent p.a.
For residential investors with NAB’s Variable Rate for Residential Investment Home Loans the rate will reduce from 5.75 per cent p.a. to 5.50 per cent p.a.
NAB will also reduce its rate on standard variable business rate lending products by 0.25 per cent.
The new rates will be effective from Monday 16 May 2016.
About Mint Equity
Mint Equity has built their reputation as a trusted mortgage broker across Sydney and the Central Coast by drawing on over 20 years of banking experience.
Mint Equity removes the pain points for home and business owners sourcing mortgages and finance.
Director and Mortgage Broker, Zac Peteh, has over 20 years banking experience. Zac’s experience is spread across residential, commercial, business and SMSF lending so clients don’t have to deal with multiple brokers or bankers for each different loan.
Mint Equity is accredited and a full member with the Mortgage & Finance Association of Australia (MFAA).
Operations are based in Sydney and the Central Coast, however were able to service all parts of Australia and for clients living overseas.