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NAB first to reprice home loans after RBA move

National Australia Bank yesterday became the first major lender to announce product repricings following the official rate move at the Reserve Bank’s May board meeting on Tuesday. The bank said in a statement that it would reprice loan and deposit products on 12 May. NAB’s standard variable rate on its Tailored Home Loan, which currently sits at 8.02 per cent will rise to 8.27 per cent. The indicator rate on the Tailored Home Loan for investment borrowers is set to rise to 8.87 per cent from 8.62 per cent. The rate on the Reward Saver will rise by 0.25 per cent to 4.5 per cent. NAB, which has some of the lowest term deposit rates offers among the major banks, did not announce any pricing changes on these products.

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