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National Australia Bank boss Cameron Clyne hasn’t ruled out a hike in his bank’s interest rates, but has pledged to undercut rival when it comes to the pricing of mortgages.
Mr Clyne said interest rates “will move around” but NAB will be the best deal of the major banks.
NAB currently sells variable mortgages at 7.31 per cent. “What we try to do is guarantee we’ll be the lowest until the end of the year so they at least customers know they’re going to get a good deal from us,” Mr Clyne told radio 3AW.
While funding costs for banks were moving around from month to month, Mr Clyne said the average – or the longer term – funding costs had been moving higher.