NAB Lifts Variable Home Loan Rates

National Australia Bank has broken ranks with its home loan competitors and lifted its variable rates effective today.

The NAB’s standard variable rate rises from 6.45% to 6.55% and its basic home loan variable rate also rose from 5.99% to 6.09%.

When asked about the move by the NAB other lenders responded that they have no intentions of raising there variable home loan rates at the moment and that any future movement was likely to be in line with any RBA cash rate moves.

According to various newspaper reports the NAB’s Haydn Park cited the rise as part of a “finetuning” of rates in a very competitive market. Wizard’s Mark Bouris was less than complimentary of move being quoted in the AFR as saying, “I can only conclude that NAB has decided to milk its existing home loan customer base”.