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Big Aussie Bank Hikes Interest Rates

NAB delivers blow to home loan customers

Big Aussie Bank Hikes Interest Rates

One of the big banks has delivered a big blow for millions of home loan customers.

NAB has lifted its standard variable interest rate for owner occupier customers by 0.07% to 5.32% from next Friday 24 March, 2017.

That could have many families reviewing their monthly budget, adding around $20 a month in repayments to the average $500,000 loan.

SOURCE: NAB

NAB Chief Operating Officer Antony Cahill said: “The decisions we make on interest rates are difficult ones, and we want to assure our customers we do not take them lightly as we seek to achieve the right balance for all our stakeholders while considering the dynamic financial and economic environment in which we operate."

"I encourage customers who want certainty about their repayments, or to find out what other options are available, to speak with their banker or broker, and whether a package, fixed rate, or split home loan might be right for their circumstances,” Mr Cahill said.

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