Well Gail Kelly and her team must be scratching their heads as their aggressive 45 basis point increase in the variable mortgage rate is not matched by NAB.
Fun and games in the banking sector. Wise move by NAB that will presumably be followed by ANZ and CBA, leaving Westpac stranded and looking like it is gouging fees from Joe Public.
So the big question is what will this do for Westpac's reputation? I personally think it is a PR disaster and Swanny will jump on his pulpit to decry the corporate greed.
'National Australia Bank has said it will increase interest rates across its standard variable mortgage by 25 basis points, matching the Reserve Bank of Australia's increase in official rates earlier this week.
The move seeks to capitalise on fallout from rival Westpac which this week triggered a political and customer backlash when it opted to raise interest rates across variable home loans by 45 basis points.'