NAB today announced changes across its home loan and savings products. The standard variable home loan will increase by 0.25 per cent to 4.77 per cent and the reward saver bonus interest rate will increase by 0.25 per cent.
NAB Group Executive Personal Banking Rachel Slade said this decision reflected the impacts of the domestic and global environment, including changes to official cash rates.
"Supporting customers through the change is a priority for NAB. Interest rates have been very low for a long time - it has been 11 years since the official cash rate in Australia last increased and we know this will be a new experience for some customers," Ms Slade said.
"We will look after our customers if they find changes to interest rates challenging. And many of our customers will have questions about how any changes will impact them.
"We are here to help. Customers can access information about how to manage changes to their home loan at nab.com.au/personal/home-loans/manage/interest-repayment-changes, including how far ahead they might be in repayments, if there is any redraw available, whether an offset account might help reduce interest payments, change their repayments or book an appointment to talk to a banker.
"We've also made it easy for customers to switch from variable to fixed rates in our NAB app and we are seeing hundreds of our customers do this every week.
"While we have 930,000 home loan customers, the historic low interest rates have been difficult for our savings and deposit customers, including more than 1.3 million customers with a reward saver account. We want to support them as interest rates rise again."
The changes NAB has announced today mean:
· For NAB owner-occupier customers paying principal and interest on a 30-year $400,000 mortgage, the 0.25 per cent increase to a NAB Choice package variable rate of 3.67 per cent will mean an additional $57 a month on their repayments.
· For savings customers, this will see an increase of 0.25 per cent to the bonus rate applied to NAB's reward saver accounts.
· NAB's new consumer savings and home loan rates will be effective 13 May 2022.
· From 13 May 2022, NAB's advertised Tailored Home Loan variable rates will be as follows:
To view all current interest rates please visit nab.com.au/personal/interest-rates-fees-and-charges
Many options are available for NAB customers on the NAB mobile App or nab.com.au including:
· Understanding what repayments may be if interest rates change via NAB's loan repayment calculator.
· Tools for customers to self-manage their home loan: adjusting repayments, accessing available redraw, setting up an offset account, and fixing# or splitting a home loan. · NAB customers can book an appointment or request a call back from one of our home loan specialists to discuss their loan at a time that suits them.
· NAB Customers who are having difficulty keeping up with their home loan repayments can contact NAB Assist on 1800 701 599 or visit https://www.nab.com.au/personal/life-moments/manage-money/manage-debt/financial-help.
