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NAB borrowers urged to call the bank

17/11/2011

Unlike other banks, NAB's reference rate products are reviewed annually, rather than in response to individual interest rate movements. This means NAB customers could still be paying a higher variable interest rate on their loan until the bank does its annual review.

However, the bank has said a customer could call the bank to ensure the rate of review was more regular.

NAB head of corporate affairs George Svigos said: “Whatever mortgage product a customer has at NAB, they can contact one of our bankers to check their repayments.”

NAB, which has hinged its marketing strategy on “breaking up” with other banks, came under criticism this month for not deciding to pass on the Reserve Bank's official interest rate cut in full.

Source: news.com.au



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