This article is from the source 'guardian' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.theguardian.com/australia-news/2015/oct/23/nab-becomes-third-of-big-four-banks-to-raise-standard-variable-home-loan-rate

The article has changed 4 times. There is an RSS feed of changes available.

Version 0 Version 1
NAB becomes third of big four banks to raise standard variable home loan rate NAB becomes third of big four banks to raise standard variable home loan rate
(34 minutes later)
The National Australia Bank has become the third of the big four banks to hike its standard variable home loan interest rate, pushing it up by 0.17 percentage points to 5.6%. The National Australia Bank has become the third of the big four banks to raise its standard variable home loan interest rate, pushing it up by 0.17 percentage points to 5.6%.
The NAB move follows rate rises by the Commonwealth Bank, who put rates up 0.15 percentage points to 5.6% earlier this week, and Westpac, who increased rates last week by 0.2 percentage points, to 5.68%.The NAB move follows rate rises by the Commonwealth Bank, who put rates up 0.15 percentage points to 5.6% earlier this week, and Westpac, who increased rates last week by 0.2 percentage points, to 5.68%.
Related: Commonwealth Bank raises standard home loan interest rate by 0.15 pointsRelated: Commonwealth Bank raises standard home loan interest rate by 0.15 points
NAB’s rise is effective from Thursday, 12 November. NAB’s rise, effective from Thursday 12 November, puts pressure on the last remaining major lender ANZ, to take similar action.
Like the other banks, NAB has cited market conditions and requirements to increase capital for the increase.ANZ bank is yet to announce whether it will move on rates. Like the other banks, NAB has cited market conditions and requirements to increase capital for the increase.
More to follow. All the banks have undertaken billion-dollar capital raisings in the past few months to build capital to absorb possible losses and to secure their business. NAB raised $5.5bn in May.
“There are a range of factors that come into consideration in interest rate decisions. The home loan market is dynamic, with multiple changes being seen across the industry,” NAB group executive for personal banking Gavin Slater said.
“Today’s decision has not been easy, but we believe this is right decision for the long term.”
NAB’s move fuels further speculation of a Melbourne Cup day rate cut by the Reserve Bank next month.