NAB bucks trend, keeps rates on hold to build ‘trust and advocacy’

NAB will keep its standard variable rate for home loans on hold, after Westpac, CBA and ANZ all lifted their home loan rates in quick succession in the last fortnight, despite the RBA keeping the cash rate on hold for the record-breaking 25th time this month. NAB CEO Andrew Thorburn said that it’s a question of trust. “We are listening and acting differently,” the CEO said. “We need to rebuild the trust of our customers, and by holding our NAB standard variable rate longer, we help our customers for longer. “By focusing more on our customers, we build trust and advocacy, and this creates a more sustainable business.” Mr Thorburn also said that NAB will continue to regularly review its rates.

RBA announces September cash rate decision

The Reserve Bank has announced the official cash rate for September, following its monthly board meeting. Increases over the last week by the likes of Westpac and Suncorp were a factor in the RBA’s decision to leave official rates on hold for yet another month at 1.5 per cent. It marks the longest ever run of interest rate stability in Australia, with the last movement (a cut) happening back in August 2016. During its last meeting on 7 August, the RBA board had examined an economy in generally good health, with steady growth in retail sales and employment, housing prices continuing to come off the boil (except in the booming Hobart market) and overall growth expected to sit just above 3 per


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