January 24, 2019 / 2:12 AM / 4 months ago

National Australia Bank raises mortgage rates, cites cost pressures

SYDNEY, Jan 24 (Reuters) - National Australia Bank said on Thursday it will raise interest rates on its mortgage products by 12 to 16 basis points from Jan. 31 as it responds to “sustained increases” in funding cost.

NAB will raise principal and interest rates for owner-occupiers by 12 basis points to 5.36 percent while rates on interest-only mortgage products will go up by 16 basis points, it said in a statement.

Reporting by Swati Pandey; Editing by Shri Navaratnam

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