National Bank lifts its rates by 25 basis points

NAB announced today that it will increase the interest rates on its standard variable mortgages by 25 basis points to be on par with the Reserve Bank of Australia's rise earlier this week.

National Bank (NAB) is the second bank to announce a rate rise, however its move is pointedly below the 45 basis points increase made by Westpac on Tuesday.

Westpac's decision to raise rates above the RBA sparked outrage from Treasurer Wayne Swan who urged consumers to vote with their feet.

It appears NAB's move is calculated to perhaps persuade those customers who may feel pinched by Westpac's increase.

NAB group executive of Personal Banking Lisa Gray urged Westpac customers to consider NAB. "Today we are sending a message to customers at Westpac, and the other banks, that NAB can offer them a better deal," she said, as reported in the SMH.

If you are looking to refinance your home loan, speak to one of the mortgage brokers at Intellichoice by calling (07) 3624 1900.