NAB leads charge with higher rates
Of the major banks National Australia Bank has moved first to announce increased variable rates for its mortgage products. The bank has taken the opportunity to add an extra 4 basis points on top of the expected 25 basis point rise which takes its standard variable mortgage rate to 9.27 per cent, effective from Friday 7th March. Executive director Ahmed Fahour said that the bank was trying to find a balance between the needs of its shareholders and customers. "Even with the additional 0.04 per cent change on variable products, NAB is continuing to absorb a significant portion of the increased wholesale funding costs," he said.