NAB named bank of the year!

Consumer mortgage magazine Your Mortgage has named NAB its ‘Bank of the Year’ for 2010, after the group nudged out Commonwealth Bank and AMP Banking to be acclaimed the market leader.

NAB gained the advantage over its near competitors by taking out a gold medal from the magazine for its three-year fixed loan and line of credit product. The NAB five-year fixed rate loan reportedly “sealed the deal”, after it won a silver award.

The magazine reported NAB‘s products had attracted strong interest from borrowers, while the bank was given plaudits for breaking ranks with other big lenders to match Reserve Bank of Australia increases.

The moves had resulted in “cheaper and more competitive loan products”, Your Mortgage reported.

“By keeping its mortgage interest rate lower than the other big banks despite pressure from the bank’s investors and shareholders, NAB is sending a positive message to borrowers that despite the ongoing credit squeeze, there are lenders who are willing to innovate and compete,” the report said.