NAB the latest bank to lift home loan rates

NATIONAL Australia Bank has decided to follow moves by two of the other big banks and raise its home loan rates.

NAB will increase the interest rate on all new and existing variable rate home loans by 0.17% p.a. to 5.60% p.a., effective Thursday, 12 November.

In a statement, NAB says the moved “responds to market conditions, as well as regulatory changes that require NAB to increase the amount of capital applied to residential mortgages.”

NAB Group Executive for Personal Banking Gavin Slater said the NAB had carefully considered the decision to raise interest rates.

“There are a range of factors that come into consideration in interest rate decisions. The home loan market is dynamic, with multiple changes being seen across the industry,” Mr Slater said.

“Regulatory changes on capital requirements also increase the costs associated with providing home loans. In May this year, NAB took early steps to strengthen our capital position by raising $5.5 billion to begin to address expected changes in capital requirements.

“Today’s decision has not been easy, but we believe this is right decision for the long term. We know we have to balance the interests of our customers with the needs of our more than 550,000 shareholders.

“Interest rates are at historically low levels and NAB remains committed to providing a competitive proposition for our customers.

“We appreciate that price is important, but we also know that customers want us to provide the right help and advice, the right products, and deliver innovative digital capability.”

There are no changes to fixed rates, with NAB having cut its two, three and four-year fixed home loan rates earlier this year.

Yesterday, Commonwealth Bank Australia announced it will lift its standard variable mortgage rate for owner-occupiers by 0.15 percentage points to 5.6 per cent on November 20.

It follows Westpac’s move to raise its standard variable rate by 0.2 percentage points to 5.68 per cent.

Police closing in on killer of mum and daughter

POLICE could be closing in on a suspect in the baffling murders of a mother and her young daughter.

The body of Alice Springs mum Karlie Jade Pearce-Stevenson was discovered in Belanglo State Forest in 2010.

This week investigators confirmed her two-year-old girl Khandalyce was the mystery ‘body in the suitcase’, which was found near Wynarka, in South Australia’s southeast in July.

The bones were about 1200km apart and Police confirmed both had suffered ‘violent deaths’.

It’s now reported, a male suspect is in investigators’ sights. He is believed to already be serving a NSW prison sentence for unrelated offences.

Police have received a huge number of calls since the victims’ identities were revealed on Wednesday.

Anyone with information is urged to contact Crime Stoppers on 1800 333 000.

Father and son fugitives believed to be cornered in Victoria

THE QUEENSLAND father and son on the run from the law are believed to have spent the night in Victorian bushland, surrounded by Police.

A major 100-square kilometre search zone has been set up in the central highlands north of Melbourne with check-points at all roads in the area.

Father Gino Stocco, 58, and son Mark, 35, are believed to be in possession of at least one gun and were last seen by officers about 1am on Thursday on a highway in the area, but police did not pursue the vehicle.

The pair have been on the run for around eight years, terrorising farmers in Queensland and NSW.

Commonwealth Bank follows Westpac, lifts variable home loan rates

The Commonwealth Bank has become the second big bank to lift its home loan interest rates independently of the Reserve Bank.

ALEX HEINKE reports.

The bank said it would raise its standard variable interest rates by 15 basis points for both owner occupier and investment home loans.

The move will partially offset costs associated with stricter capital requirements recommended by the Financial System Inquiry, the bank said.

The hike comes into affect from November 20.

Sydney school placed in lockdown after receiving online threats

Staff and students at a Sydney private school have been placed in lockdown after receiving threatening messages on social media. 

ALEX HEINKE reports.

Police officers are sweeping St Andrew’s Cathedral School, located near Town Hall, which has students from kindergarten to Year 12, as well as nearby streets, police said on Thursday.

Investigations into the social media posts are continuing and police are conducting inquiries into the matter.

The school issued a statement on Thursday confirming it had implemented higher security protocols on advice from the police, after receiving information “of a security nature”.

St Andrew’s Cathedral School Acting Head, Brad Swibel, said students had continued lessons on Thursday but after-school activities have been cancelled.

The lockdown at St Andrew’s Cathedral School comes only days after two high schools in Sydney’s west, East Hills Boys High School in Panania and Sir Joseph Banks High School in Revesby, were subject to social media threats.