Cheap NAB pricing not winning share … yet
National Australia Bank home loan customers have saved $150 million in interest compared to what they would have paid “if we had a Standard Variable Rate as high as ANZ's,” according NAB's new advertisement claims. That equates to a saving of $560 for a customer with a home loan of $300,000. Brian Johnson of the broking firm CLSA yesterday questioned NAB's strategy.
“Despite that difference in price, CBA and Westpac don't seem to be losing market share.” AB yesterday highlighted how a recent study into the retail mortgages market by Forebrand found that interest rates was the single most pressing concern to Australian residential mortgage borrowers, who rated NAB (5.74) and ANZ (5.75) ahead of CBA (5.56) and Westpac (5.37) on this measure.
Source: The Daily Telegraph