NAB fixed four year rate cut to 1993 levels

The National Australia Bank has lowered its four-year fixed home loan package rate by 0.2% to 5.44%.

It is the lowest point since September 1993.

The NAB has also cut its three-year fixed home loan by 0.05 per cent to 5.14 per cent, signalling a renewed intensification of the battle between the banks.

“We know that now is the time people are looking to get their finances in order as they plan for the year ahead, especially­ those looking to buy their first home,” NAB personal banking boss Gavin Slater­ ­said.

NAB kicked-off a war for customers on Valentines Day 2011, when it declared it was “breaking up” with the rest of the Big Four.

It has since had the lowest or equal lowest standard variable interest rate of the big four banks. 

“One of the things that we have consistently said is that we are absolutely committed to remaining competitive,” Antony Cahill, National Australia Bank’s executive general manager in charge of lending and deposits, told the Weekend Australian Financial Review.

“Whilst we haven’t set it in stone that we are absolutely going to remain there [the lowest standard variable rate, I think you can remain confident that we will be competitive.”

This article first appeared on Property Observer.