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top suburbs

12 month growth
Box Hill
127.02%
Mollymook
82.85%
Brightwaters
79.93%
Cleve
78.13%
Bawley Point
76.2%
Murrays Beach
75.57%
Terranora
70%
Crescent Head
69.38%
Park Ridge South
68.32%
Mollymook Beach
67.09%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
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NAB may move before RBA: Clyne

By Staff Reporter
29 October 2009 | 1 minute read

NAB’s chief executive Cameron Clyne has refused to rule out more out-of-cycle rate rises, but has promised to keep the bank’s mortgages competitive.

Speaking at the bank’s full year results media briefing, Mr Clyne said the banking sector should move to an independent cost of funds benchmark because the official cash rate did not effectively represent the true cost of funds.

Earlier this week, ANZ chief executive Mike Smith said the bank would not deviate from the Reserve Bank’s rate cycle until it becomes clear that Australia has come out the other end of the GFC.

While Mr Clyne said he couldn’t make the same promises as ANZ, he did point to the fact that NAB’s average mortgage rate was 0.07 per cent lower than ANZ and vowed to remain competitive.

“If you’re a NAB customer you are paying $210 a year less than ANZ on the average mortgage. We will always be competitive and we will try and move competitively on interest rates.

NAB may move before RBA: Clyne
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Do you have an industry update?

top suburbs

12 month growth
Box Hill
127.02%
Mollymook
82.85%
Brightwaters
79.93%
Cleve
78.13%
Bawley Point
76.2%
Murrays Beach
75.57%
Terranora
70%
Crescent Head
69.38%
Park Ridge South
68.32%
Mollymook Beach
67.09%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
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Enter your email to receive the latest real estate advice and tools to help you sell.