NAB Takes To The Streets

The NAB has now decided to promote its interest rates by taking to the streets and standing outside the other big banks.

The NAB will review their mortgage rates before the Reserve Bank meets again in February, and have not ruled out matching the higher rate rises of its rivals.

In their attempt to take clients from their major rivals the NAB has set up mobile bank branches, and even went so far as to place staff outside Westpac's flagship branch in Martin Place in Sydney offering customers its standard variable mortgage rate of 6.49 per cent as opposed to Westpac's 6.76 per cent.

The NAB was the only bank to follow the Reserve Banks 25 basis points increase while Westpac went to a 45 basis point rise, Commonwealth went to 37 basis points and ANZ to 35 basis points.

NAB's retail banking group executive Warren Shaw stated that the NAB had the capacity to deal with as many customers as would like to do business with them, not only for home loans, but for credit cards and all other financial services.

NAB is trying to catch up

The NAB is also offering a range of one-year and three-year introductory variable rate loans that are below 6 per cent.

The bank was trying to build up its mortgage book, which had lost ground over the past six months.

Commonwealth Bank leads the Australian mortgage market with 28.9 per cent, ahead of Westpac on 26.6 per cent, NAB on 14.4 per cent and ANZ on 14.1 per cent.

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Published on December 12-th, 2009 in Home Loans
Damon Rasheed is the CEO of Rate Detective, an Australian financial service comparison sites specialising in Life Insurance, Income Protection Insurance and home loans. Damon holds a Master's Degree in Economics from the University of Melbourne and has been involved in many start-up internet businesses.
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