Major bank slashes variable rates

by Julia Corderoy07 May 2015
NAB Broker has announced it will reduce its exclusive-to-broker NAB Homeplus variable interest rate by 20 basis points, to 5.46%.
 
Steve Kane, general manager of NAB Broker said the reduction demonstrated NAB’s commitment to brokers and their customers.
 
NAB Broker is fully committed to brokers, and maintaining competitive variable rates will ensure we continue to provide a compelling offer for our brokers and borrowers” he said.
 
The new Homeplus variable interest rate is effective from Wednesday 13 May 2015.

NAB is the third major bank to announce interest rate reductions after the decision made by the Reserve Bank to drop the official cash rate to 2%. Both CBA and ANZ announced variable rate cuts yesterday.

COMMENTS

  • by Craig 7/05/2015 9:06:48 AM

    The rates that NAB offer are so ordinary & this rate cut demonstrates contempt - not commitment. So many other players in the broker market that offer as good a service, much better rates & as good after-market services / products. Glad I don't use them.

  • by Goodo 7/05/2015 9:18:32 AM

    Thieves!

  • by Macarthur Broker 7/05/2015 9:39:01 AM

    I don't think passing on part of the rate cut is "slashing" rates. I am really fed up with banks crying poor and not passing on the reduced cost of funds to borrowers and brokers.