National Australia Bank’s (ASX:NAB) newest product, the UBank online-only mortgage, has had a successful first week on the market.
UBank’s general manager told Fairfax Media the bank expected about half of potential customers to phone the bank for help, but only one in 20 needed assistance, which is keeping costs down.
To qualify for the 6.59 per cent mortgage, customers need to have an existing mortgage with a competing bank. This excludes the need for mortgage insurance.
Meanwhile, NAB released a report today saying Australia's farm exports are likely to rise nearly 5 per cent in fiscal 2011/12, boosted by favourable weather and farmers planting more crop in response to high global prices.
For the six months to March this year, NAB posted a profit of $2.4 billion.
