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04:49:02 pm

Nab Seeks Bigger Mortgage Share Amid Aggressive Competition

NAB House Building

The benchmark S&P/ASX 200 Index has risen 12 percent. Rate Cuts Australias average standard variable home loan rate offered by banks was 5.95 percent in August from 6.85 percent a year earlier, according to central bank data. NAB cut its rate to 5.88 percent as of yesterday, its lowest level in four-and-a-half years, after the Reserve Bank of Australia lowered the cash rate by 25 basis points to a record 2.5 percent. The competitive rate environment has helped boost housing credit by 4.7 percent in the year to July, while personal lending nudged up 0.5 percent and loans to business increased 1.3 percent, Reserve Bank of Australia data show. Home loans rose to A$24.2 billion ($22.4 billion) in July, the most in six years, according to the statistics bureau. NABs retail banking unit, which offers mortgages, personal loans and lends to small businesses, reported a 19.2 percent rise in cash earnings to A$553 million in the six months to March 31, filings show.
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Australian Banks Cut Fixed Mortgages Loan Rates in Latest Home-Loan War

View Full Image REUTERS As perceived earlier by the Sydney low doc loans country's central bank, Australia's economic pace has been slowing down, which was confirmed Wednesday by the latest Westpac-Melbourne Institute Leading Index. Related Articles 4 Aussie Banks Pass in Full 25 Basis Points RBA Rate Cut A week after the Big 4 passed in full the rate cut in full on their standard variable mortgage rates, Westpac initiated another round of rate reductions, this time reducing its one-year fixed-rate home loans to 4.79 per cent. The lower rate applies only to new borrowers with mortgages above $150,000. The move prompted the Bank of Melbourne and St George to cut their one- to five-year fixed rates below 5 per cent. "It's a further continuation of injecting more competition into the home loan marketplace, and also a confidence booster given that we've got the lowest cash rate for 53 years," Bank of Melbourne Chief Executive Scott Tanner said in a statement. Must Read Ashley Olsen Dating David Schulte, CEO of Oliver Peoples Sponsorship Link "We believe this new offer will help bolster confidence among home buyers, existing owners banking elsewhere looking to switch to a better deal and investment buyers," Westpac Retail Banking General Manager Gai McGrath said in a statement. The new round of rate cuts is possible because of lower funding costs for banks and strong profit growth. Kirsty Lamont of comparison Web site Mozo said the situation provides a dilemma for borrowers if they should lock now or hold back and wait for more rate cuts. Ms Lamont said the lowest fixed one-year rate is that of the Greater Building Society at 4.74 per cent.
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