NAB hikes interest rate

The National Australia Bank has become the third of the big four banks to hike its standard variable home loan interest rate, pushing it up by 0.17 percentage points to 5.6 per cent.

The NAB move follows rate rises by the Commonwealth Bank, up 0.15 per cent to 5.6 per cent, and Westpac, up 0.2 per cent, to 5.68 per cent.

Its rise is effective from Thursday, November 12.

Like the other banks, NAB has cited market conditions and requirements to increase capital for the increase.

ANZ bank is yet to announce whether it will move on rates.