Following the Reserve Bank of Australia's (RBA) review of the cash rate this week, NAB will make the following changes to its home loan, savings and deposit rates.
NAB's standard variable home loan interest rate will increase by 0.25% p.a., effective from 16 June 2023. NAB's current home loan rates are available here.
The bank will also increase rates for the following products, effective from 16 June 2023:
- NAB's Reward Saver bonus interest rate will increase by 0.25% p.a., bringing the total bonus interest rate to 4.75% p.a.
- NAB's 12-month Term Deposit will increase by 0.40% to 4.60% p.a.
NAB Group Executive for Personal Banking, Rachel Slade said the bank was proactively contacting customers who might need additional support.
"Each rate increase since May last year has been incrementally challenging for Australian households. We know from speaking with our customers that most are in good shape, however there are some who need our additional support.
"We're proactively reaching out to our customers to offer help and have a range of options available to assist them through the rising cost of living," Ms Slade said.
NAB Assist is available for customers concerned about their financial position to talk through options, which might include pausing or reducing payments. More than 90% of customers who reach out to the NAB Assist team early are back on their feet financially within 90 days.
NAB continually reviews its savings rates and has made more than 60 increases across savings products in the past 12 months. NAB's latest savings and deposit rates are available here.
