NAB announces home loan interest rate changes

30 September
Interest Rates

Following the Reserve Bank of Australia’s decision to increase the official cash rate by 0.25% per annum, NAB will increase its variable home loan interest rates by 0.25% p.a.

The new rates will take effect from October 9.

NAB Group Executive Personal Banking, Ana Marinkovic, encouraged customers concerned about their finances to reach out early.

"Many homeowners will be looking at what this decision means for their household budget and monthly repayments," Ms Marinkovic said.

“Some customers may be concerned about the impact of higher repayments, particularly as household budgets remain under pressure.

"Our focus is on helping customers understand what has changed and where they can turn for support if they need it.”

Customers can access a range of tools and support options through NAB, including budgeting tools, repayment flexibility and tailored hardship support.

Any NAB customer experiencing financial difficulty is encouraged to contact NAB Care on 1800 701 599 as early as possible.

NAB also regularly reviews its savings and deposit rates.

Simple steps to help manage your circumstances

• Check how your repayments may change – Use NAB’s home loan calculators to estimate how your repayments may adjust
• Review or adjust your repayments – Eligible customers can manage and update repayments through the NAB App or by speaking with a banker
• Make the most of your everyday banking tools – Use NAB’s budget planner or track spending through features in the NAB App to stay on top of your cash flow
• Consider using an offset account – Learn how an offset account could help reduce the interest you pay on your home loan
• Set savings goals – Use Saving Spaces in the NAB App to organise your savings and plan ahead
• Reach out early if you need support – If you’re concerned about repayments, visit NAB’s financial assistance hub or speak with our team to explore the options available

Notes 

• This change applies to NAB standard variable home loan rates.