NAB changes rates on savings and variable home loans products

National Australia Bank

NAB has today announced changes across its savings accounts and variable home loans.

Home loan rate:

  • The standard variable home loan interest rate will increase by 0.50% p.a, effective from 15 July 2022.

Savings rates:

  • NAB’s Reward Saver account will increase by 0.50% p.a. effective from 15 July 2022.
  • NAB’s 12-month Term Deposit account will increase to 2.50% p.a. effective from 15 July 2022.

NAB regularly updates its saving and term deposit rates – for the latest rate, customers can check here.

NAB Group Executive Personal Banking Rachel Slade said the team at NAB was determined to work closely with customers to provide support throughout the rapidly changing rate environment.

“Banks are here to serve their customers, so regardless of who you bank with, the first step is a conversation with a banker so we can find the best way to support you,” Ms Slade said.

“Overall, our customers are in good position with many ahead on their repayments. For any customer who is interested in understanding what the increasing interest rate environment means for their home loan, or concerned about their financial situation, we are here to help.

To view NAB’s current interest rates please click here.

Background:

  • The NAB mobile App or nab.com.au has a range of options for customers to manage their money when it suits them including:
  • Understanding what a change in interest rates mean for their repayments
  • 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 from one of our home loan specialists to discuss their loan at a time that suits them.
  • NAB Customers who are have concerns about 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.

The NAB team also offer the following considerations for customers looking at how to manage their home loan repayments:

  1. Consider an offset – linking an offset account to your variable rate home loan helps you pay off the loan faster.
  2. Line up your costs – adjusting your repayments can help to manage your budget and align your direct debit on the same day you receive your salary. If you’re ahead and want to decrease your home loan repayments, talk to us so we can help you with that change.
  3. Build in flexibility – fixing the interest on all or part of your loan can give a period of repayment certainty. If you split your loan between fixed and variable rate you will still have flexible features like offset available.
  4. Take advantage of offers in the market – for example, you can claim $2,000 cash when you refinance your existing home loan to NAB.

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