“At NAB, we have dedicated financial counsellors who listen to each customer’s individual situation and are able to offer tailored solutions – whether that be a reduced payment arrangement, payment break or restructuring their loan.”
In recent months, banks have enjoyed a significant boost to their profits by passing on only some of the 2.75 percentage point increase in interest rates announced by the RBA since May, with ANZ Bank last week reporting sharply wider net interest margins in the September half. NAB reports half-year profits next week.
On Tuesday, the Reserve Bank raised the cash rate 0.25 percentage points to 2.85 per cent, a nine-year-high.
Governor Philip Lowe said the cash rate would rise further, pointing out Australian inflation was running at its highest level in more than 30 years, and saying the board would do what was needed to get inflation back to its 2 per cent to 3 per cent target band.
“The size and timing of future interest rate increases will continue to be determined by the incoming data and the board’s assessment of the outlook for inflation and the labour market. The board remains resolute in its determination to return inflation to target and will do what is necessary to achieve that,” Lowe said.
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