National Australia Bank has abandoned a pledge to borrowers it would only increase monthly mortgage repayments around the 12-month “anniversary” of variable rate home loans, after rapid-fire interest rate rises caught the bank off guard.
NAB customer Liam Garrety and his wife took out a variable rate mortgage of more than $1 million with NAB in July last year, as part of a refinancing for a new family home in regional NSW and for an existing investment property.
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John Kehoe is economics editor at Parliament House, Canberra. He writes on economics, politics and business. John was Washington correspondent covering Donald Trump’s first election. He joined the Financial Review in 2008 from Treasury. Connect with John on Twitter. Email John at jkehoe@afr.com
