“It is great to see National Australia Bank realigning its fixed home loan rates to a lower and more competitive level.”

“However, it is concerning that NAB still had a margin that allowed it to move its rate down by up to 55 basis points, and we hope it hasn’t left existing borrowers on excessively high fixed rates that have large margins in them.”

“It can be easy for borrowers to be attracted to a new competitive home loan rate that seems more appealing than before, but they must be cautious when looking at fixed rates to ensure their financial needs are being met.”

“It is crucial that borrowers shop around and use a mortgage broker who by law acts in the best interests of the borrower to ensure that they have a lending facility that meets their needs.”