Following the Reserve Bank of Australia’s (RBA) decision yesterday to raise the official cash rate by 25 basis points to 3.85%, NAB will make changes to its rates.
NAB’s standard variable home loan interest rate will increase by 0.25% p.a., effective from 12 May 2023. NAB’s current home loan rates are available here.
The bank will also increase rates for the following savings products, effective from 12 May 2023:
- NAB Reward Saver bonus interest rate will increase by 0.25% p.a., bringing the total bonus interest rate to 4.50% p.a.
- NAB iSaver introductory and standard variable rates will both increase by 0.25% p.a. to 4.50% p.a. and 1.85% p.a. respectively.
NAB continually reviews its savings rates and has made more than 60 increases across savings products in the past 12 months. NAB’s latest savings and deposit rates are available here.
NAB Group Executive Personal Banking Rachel Slade said:
“The Reserve Bank’s decision to pause rates in April gave Australians some breathing room after 10 consecutive rate rises.
“With the cash rate increasing again, there may be some customers who are concerned about their financial position, and we are here to help.”
NAB Assist is available for customers concerned about their financial position to talk through options, which might include pausing or reducing payments.
More than 90% of customers who reach out to the NAB Assist team early are back on their feet financially within 90 days.
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.