Following the Reserve Bank of Australia’s (RBA) decision to increase the official cash rate this week, NAB will make the following changes to its home loan, savings and deposit rates.
NAB’s standard variable home loan interest rate will increase by 0.25% p.a., effective from 17 November 2023. NAB’s current home loan interest rates are available here.
NAB Reward Saver bonus interest rate will increase by 0.25% p.a., bringing the total interest rate to 5.00% p.a. effective from 17 November 2023.
NAB continually reviews its savings and deposit interest rates, which are available here.
NAB Group Executive for Personal Banking Rachel Slade encouraged anyone concerned about their finances to reach out to their bank as soon as possible.
“While most of our customers are in good shape, there may be some people who are more concerned about the first rate rise since mid-year which is why it’s crucial to reach out to your bank as soon as you can. We’re here to help.”
“Customers continue to build and flex their ‘budgeting muscle’ and they’re responding to cost of living pressures by reducing their spending on dining out, fuel and leisure travel.
“We’re seeing more customers using budgeting tools than ever before – an important sign that more Australians are closely engaged with their finances.” Ms Slade said.
NAB Assist is available for customers concerned about their financial position to talk through options, which might include pausing or reducing payments.
- 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.