Malcolm Turnbull: NAB's decision is not welcome

Prime Minister Malcolm Turnbull says National Australia Bank's decision to hike its standard variable mortgage rate is not welcome.

Source: AAP

NAB lifted the rate by 0.07 percentage points for owner-occupiers hours after 

the US Federal Reserve increased its key interest rate.

The bank says someone with a $300,000 loan on a 30 year term would be paying an extra $13 a month as a result.

The same loan terms, however, will cost investors an extra $47 a month.

The bank blames higher funding costs, but the Prime Minister told the Seven Network it's not a welcome move.