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Online discount mortgages sweeps Australian banking market

May 23, 2011‐ Sydney, Australia

Discount on yearly interest rates for mortgages taken online have become the latest in thing in the Australian banking market.

Ubank, the subsidiary of National Australia Bank (NAB) announced that it will offer standard variable rate mortgage that is more than a percentage point below NAB's advertised standard variable rate and that of its three competitors. UBank's discounted rate at 6.59 per cent is available only for mortgages sold online and will be available until the end of June 2011.

Commonwealth Bank of Australia is offering a ''no-fee'' mortgage. The rate is about half a percentage point below the big banks' standard variable rate that was last visited in February 2011.

The Commonwealth Bank and ANZ are pricing their variable home loans at 7.81 and 7.8 per cent respectively.

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