Oct
22
NAB Joins Westpac, Commonwealth in Mortgage Rate Increase
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Variable mortgage rate to rise by 17 basis points from Nov. 12
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Aussie falls amid speculation move may trigger RBA rate cut
National Australia Bank Ltd. said it’s raising its benchmark variable mortgage rate, joining Commonwealth Bank of Australia and Westpac Banking Corp. as the nation’s largest lenders seek to cover the cost of holding more capital.
National Australia said the 17 basis-point rise to 5.6 percent from Nov. 12 was in response to market conditions and regulatory changes. The move dragged the Australian dollar lower as it raised speculation that the central bank may cut interest rates to offset higher home-loan costs for borrowers…
NAB Joins Westpac, Commonwealth in Mortgage Rate Increase
