Major slashes fixed rates as competition heats up

by 20 Jan 2014
NAB has slashed its four-year fixed home loan rate to its lowest level in 20 years as the battle for market share rages on.

The major bank announced today it will cut its four-year fixed rate package by 0.2% to 5.44%, the lowest rate since September 1993.

NAB will also cut its three-year fixed rate by the same amount, bringing it down to 5.14%.

The move will give NAB the lowest rate on one-, two-, three- and four-year fixed home loans, Dion Crowe, NAB general manager retail Queensland, said. 

NAB has led the industry in making banking fairer and simpler for customers for more than four years through measures such as the abolition of numerous fees and offering competitive rates," said Crowe.

 “We know that now is the time people are looking to get their finances in order as they plan for the year ahead, especially those looking to buy their first home. We’re really proud of our commitment to remain competitive and continuing to offer the best products with the best deals and the best service."

COMMENTS

  • by M C C 20/01/2014 10:04:58 AM

    Dion, You know your NAB fixed rates are not the lowest in the market! Secondly it is a response to softer economic growth conditions, centred particularly around an aging population & limited available jobs caused by a 6 year plus high A$. Underemployment is double digit but no one wants to discuss that little issue, preferring to dwell on the unemployment rate, which has past its use by date & is no longer an acceptable measure!!!

  • by Papery 20/01/2014 12:42:49 PM

    While IR cuts are always welcomed, I wouldnt call these latest changes 'slashing'. More like 'tweaking'.