Evolution of NAB savings and mortgage rates

NAB today announced changes to savings products and home loans.

Savings rate:

  • NAB’s iSaver (standard variable and bonus) will increase by 0.50% per year starting August 12, 2022
  • NAB’s Reward Saver bonus rate will increase from 0.50% per annum to 1.75% effective August 12, 2022
  • NAB’s 12-month term deposit will increase by 0.50% per annum to 3.00% beginning August 12, 2022.

Mortgage rate:

  • The standard variable interest rate for home loans will increase by 0.50% per year, starting August 12, 2022.

NAB regularly updates its savings and term deposit rates. The bank has made more than 20 increases on these products since May 1 – for the latest rate, see here.

NAB Group Executive Personal Banking Rachel Slade said NAB is here to help all customers, especially those who may find it difficult to raise home loan rates.

“While most of our customers are ahead of their refunds, if you are concerned the NAB Assist team are ready to help. Please contact us – the sooner the better,” Ms Slade said.

“The first step is a conversation so we can help get you back on track.”

To view current NAB home loan rates, please click here.

Notes to editors:

The NAB or nab.com.au mobile app offers a range of options for customers to manage their money when it suits them, including:

  • Understand what a change in interest rates means for their repayments
  • Tools allowing customers to manage their mortgage themselves: adjustment of repayments, access to the new drawdown available, creation of a clearing account and fixing or splitting of a mortgage.
  • NAB customers can book an appointment or request a call with one of our mortgage specialists to discuss their loan at a time that is convenient for them.
  • NAB customers who have concerns about tracking their home loan repayments can contact NAB Assist on 1800 701 599 or visithttps://www.nab.com.au/personal/life-moments/manage-money/manage-debt/financial-help.

The NAB team also offers the following considerations for clients looking to manage their home loan repayments:

  1. Consider offsetting – linking an offset account to your variable rate home loan helps you pay off the loan faster.
  2. Align your costs – adjusting your reimbursements can help you manage your budget and align your direct debit the same day you get paid. If you are ahead and want to reduce your home loan repayments, contact us so we can help you with this change.
  3. Build in flexibility – fixing interest on all or part of your loan can provide a period of repayment certainty. If you split your loan between a fixed rate and a variable rate, you’ll still have flexible features like netting.
  4. Take advantage of market offers – for example, you can claim $2,000 in cash when you refinance your existing home loan at NAB.