"We are listening and acting differently."
This is the statement from National Australia Bank (NAB) which has announced it will continue to hold its Standard Variable Rate (SVR) for home loans at 5.24%.
NAB CEO Andrew Thorburn said, “We need to rebuild the trust of our customers, and by holding our NAB Standard Variable Rate longer, we help our customers for longer.
“By focusing more on our customers, we build trust and advocacy, and this creates a more sustainable business.”
Thorburn said NAB will continue to regularly review its rates and assess whether current market conditions, including funding costs, continue.
The decision benefits more than 930,000 NAB customers. If NAB had increased its SVR by 15 basis points, the average home loan customer with a $300,000 loan would have paid an extra $28 each month, or $336 a year, on their repayments. A customer with a $500,000 home loan would have paid an extra $47 each month, or $564 per year, on their repayments.
Earlier this month, Westpac announced a rate increase of 14 basis points. Last week, ANZ was next to follow with an increase of 16 basis points. Shortly after that, CBA announced an increase of 15 basis points.