Following the RBA’s review of the cash rate, NAB will make the following changes to its home loan and savings and deposit rates.
NAB’s standard variable home loan interest rate will increase by 0.25% p.a., effective from 17 March 2023.* NAB’s current home loan rates are available here.
NAB will also increase rates for the following savings products, effective from 17 March 2023:
- NAB Reward Saver bonus interest rate will increase by 0.25% p.a., bringing the total interest rate to 4.25% p.a.
- NAB iSaver introductory and standard variable rates will both increase by 0.25% p.a. to 4.25% p.a. and 1.60% p.a. respectively
- NAB Term Deposits will increase across a range of terms, by up to 1.10% p.a. The 12-month term will increase to 4.20% p.a.
NAB continually reviews its savings rates and has made more than 55 increases across savings products in the past 10 months. NAB’s latest savings and deposit rates are available here.
NAB Group Executive Personal Banking Rachel Slade said the bank was helping customers finding it tougher to get by, including those who might be facing financial challenges for the first time.
“We know most of our customers are in good shape but, for some Australians, financial difficulty might be an entirely new experience as rising costs put increased pressure on their finances,” Ms Slade said.
“Our support is designed to get our customers through the tough times, and we know that when our customers reach out to our NAB Assist team early for help, more than 95% of them are back on their feet financially within three months.
“As rates increase so does the focus on savings and deposit products, so now is a great time to shop around and find the best rate and product features that work for you.”
Notes to editors:
- * Since 2017, NAB has consistently implemented any changes to its standard variable home loan rates 10 days following a cash rate announcement from the RBA. This is NAB’s approach regardless of whether rates are increasing or decreasing.