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NAB keeps home loan rates on hold in ‘gesture of goodwill’ after Royal Commission

The CEO of the National Australia Bank says it is a gesture of goodwill to keep variable mortgage rates on hold at 5.24 per cent, despite the other major banks raising rates.

The unexpected move today comes after Westpac, Commonwealth Bank and ANZ Bank all raised their rates in recent weeks.

But NAB boss Andrew Thorburn told Neil Mitchell the bank had a job to do to rebuild trust after the revelations from the Royal Commission into the finance sector.

“The basis of our bank is our customers,” he told Neil Mitchell.

“I think we realised we needed to listen and act differently.”

Neil: Is this a bit of a penalty for the Royal Commission? Is this a gesture of goodwill?

Mr Thorburn: I think it is. I think we have lost sight with the precision we used to have and focus on customers. You can’t build a sustainable business unless you have customers who actually trust you.

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