The standard variable NAB home loan interest rate will increase by 0.25% p.a, effective from 17 February 2023. NAB’s current home loan rates are available here.

NAB’s savings and term deposit rates are continually under review. NAB has made more than 50 increases across savings products in the past nine months. For NAB’s latest savings rates, click here.

NAB Group Executive for Personal Banking Rachel Slade said:

“We acknowledge the RBA’s actions to bring inflation under control by increasing the cash rate but recognise that there are some Australians who will find this challenging.

“I encourage anyone who is worried about their situation to reach out to their bank.

“What we do know is that people are more engaged with their finances than they’ve been in a long time and that they are making their own adjustments to spend more ‘thoughtfully’ on non-essential purchases.

“At NAB, we have a dedicated team who take the time to listen to each customer’s individual situation and are able to offer tailored solutions – whether that’s reduced payment arrangements, payment breaks or restructuring their loan.

“When a customer gets in touch with NAB Assist at the early stages of their concerns about their finances, we’re able to get more than 95% back on their feet financially within three months.”