NAB today announced changes across its home loan products as well as a term deposit offer. The standard variable home loan interest rates will increase by 0.5 per cent per annum, and customers can access a 12-month Term Deposit special for their savings.
NAB Group Executive Personal Banking Rachel Slade said: “Our decision today reflects the domestic and global environment, including changes to official cash rates.”
“We have 930,000 home loan customers and we are here to support them as interest rates rise. The cost of living is also increasing and our message to any of our customers who may be concerned is that we are here to help.
“We also have many savings and deposits customers and acknowledge that historic low interest rates have been difficult for them.
“We are pleased to offer a special 12-month Term Deposit interest rate of 2.25% to support these customers with their savings.”
Ms Slade said NAB customers had been considering options available to them to manage their home loans since the lift in official cash rates last month – the first in more than 11 years.
“Many customers have been accessing online tools to manage their home loans including through the NAB app. We are here to help any customer who needs support.”
The changes NAB has announced today mean:
- For NAB owner-occupier customers paying principal and interest on a 30-year $400,000 mortgage, the 0.5 per cent increase to a NAB Choice package will mean an additional $116 a month on their repayments.
- NAB’s new home loan interest rates and term deposit special will be effective on 17 June 2022.
NAB’s iSaver introductory rate and the Reward Saver account interest rate have recently been increased. Other savings and deposit interest rates continue to be under review.
To view all current interest rates please visit nab.com.au/personal/interest-rates-fees-and-charges.
Many options are available for NAB customers on the NAB mobile App or nab.com.au including:
- Understanding what repayments may be if interest rates change via NAB’s loan repayment calculator.
- Tools for customers to self-manage their home loan: adjusting repayments, accessing available redraw, setting up an offset account, and fixing or splitting a home loan.
- NAB customers can book an appointment or request a call back from one of our home loan specialists to discuss their loan at a time that suits them.
- NAB Customers who are having difficulty keeping up with their home loan repayments can contact NAB Assist on 1800 701 599 or visit https://www.nab.com.au/personal/life-moments/manage-money/manage-debt/financial-help.