NAB has raised its interest rate on home loans by 25 basis points, matching the Reserve Bank’s (RBA) rate rise.
NAB’s standard variable home loan rate will rise by 0.25 percentage points to 6.74 per cent on Friday, March 5.
The bank’s rate will be the lowest among Australia’s big four banks, Melbourne-based NAB said.
The announcement came after the RBA raised the cash rate by 25 basis points to four per cent on Tuesday, its highest level in a year.
Commonwealth Bank and ANZ announced similar rate increases yesterday, as did Westpac this morning.
CBA’s standard variable loan rate will rise to 6.86 per cent on March 5, ANZ’s will increase to 6.91 per cent and Westpac’s to 7.01 per cent.