NAB group executive Gavin Slater says the current mortgage market is one of the most competitive in history, providing the ideal environment for home buyers.
Following the Reserve Bank’s decision to keep the official cash rate on hold at 2.5%, Slater says borrowers have plenty of options available to them and the opportunity to shop around for the best deal.
“No other bank has done more to drive competition than NAB, and this has benefited all customers, not just NAB’s.” says Slater.
“At NAB we recently cut our four-year fixed rate by 0.20% to 5.44%p.a. – the lowest it has been in more than 20 years – and we cut our three-year rate by 0.05% to 5.14%, and we’ve seen the proportion of customers opting for fixed rates increase over recent weeks.”
Westpac, Suncorp, Advantedge and Citibank have all announced interest rate cuts on fixed-rate loans in recent weeks.