THE National Australia Bank has increased its lending rates.
NAB yesterday lifted its standard variable home loan interest rate by 0.15% to 9.61% pa.
NAB’s chief executive Ahmed Fahour said changes to home loan interest rates across the banking sector reflected the sustained increases to long-term wholesale funding costs all banks had been experiencing.
“Australian banks continue to witness significant increases in funding costs. This has been made more acute by the industry’s increased reliance on international funding to meet demand for credit.
“While this change still does not recoup the full impact of increased wholesale funding costs, we have a responsibility to balance the needs of customers and shareholders,” he concluded.
Last Friday, the Commonwealth Bank increased its variable home loan interest rates by 0.14% to 9.58% pa and its basic variable home loan from 8.93% to 9.07% pa.
CBA also increased its variable interest rates on some business loans by 0.15%.
Australian Property Journal
