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NAB Broker today announced it would reduce all Homeside variable rates for new and existing customers by 0.10 per cent, effective today.
This takes the variable interest rate on the Homeside HomePlus Special Offer to 5.17 per cent. The new rate will apply to loans of $250,000 and above.
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NAB Broker will also offer a Homeside 2 year fixed rate of 4.99 per cent, effective today.
Despite ongoing high wholesale costs, NAB Broker regional general manager Matt Lawler said the prudence of the bank’s decision making over recent months had enabled it to make the rate reduction.
“We continue to encourage brokers to take a long term view of interest rate movements when making recommendations to their clients. At this point in the rate cycle, the decision whether to take a fixed, variable and mixed option is an important consideration.
“In our experience, fixed rate pricing typically bottoms prior or simultaneously with variable rate pricing, rather than after variable rates begin to rise,” Mr Lawler said.
