NAB lowers home loan, small business and business overdraft variable rates by 25bps



NAB has today announced reductions of 25 basis points to interest rates across its variable home loan products, as well as its variable small business Options Loan and business overdraft facilities.

Effective 13 March 2020, NAB’s advertised Tailored Home Loan variable rates will be as follows:

Current Advertised Rates Advertised rate as at
13 March 2020
Owner Occupier Principal and Interest 4.77% p.a. 4.52% p.a. (-0.25% p.a.)
Investor Principal and Interest 5.37% p.a. 5.12% p.a. (-0.25% p.a.)
Owner Occupier Interest Only 5.34% p.a. 5.09% p.a. (-0.25% p.a.)
Investor Interest Only 5.67% p.a. 5.42% p.a. (-0.25% p.a.)


For NAB owner-occupier customers paying principal and interest on a 30-year $400,000 mortgage, the 25-basis point reduction to a record low variable rate could save them $720 a year – and added to 59 basis points of rate cuts made last year, these customers could save $2,460 a year.

NAB Chief Customer Officer Consumer Banking Mike Baird said the decision would support households and encourage cashflow into the economy.

“In making these decisions we have had to consider the unprecedented challenges of the low interest-rate environment and impacts of the bushfires and coronavirus outbreak on our customers and the broader economy,” he said.

“NAB has a track record of seeing our customers through difficult economic conditions and we will continue to lend and support our customers.”

NAB has delivered the largest Standard Variable home loan rate (SVR) cuts of the major banks over the past 12 months and maintained the lowest SVR for more than a year.

“We understand that for our customers the extra money saved on their mortgages can be used in different ways,” Mr Baird said.

“Some choose to pay down their loans faster while others are choosing to reduce monthly repayments to help with the household budget. Our role is to offer our customers choice.”


  • NAB currently has the lowest Standard Variable Rate of the major banks – and has done so since September 2018.
  • We are currently offering $2,000 emergency grants and concessional business loans for customers affected by the bushfires.
  • Businesses affected by coronavirus are encouraged to contact their banker to discuss support, which may include deferral, extension or restructuring of lending.
  • Every month, NAB lends, on average, $4 billion for customers to buy, renovate or refinance their home.
  • NAB home loan customers are, on average, 33.7 months ahead on their repayments, with two-thirds at least one month ahead.
  • NAB was the first bank chosen as a participating lender in the First Home Loan Deposit Scheme.
  • NAB’s $4000 Refinance Cashback offer and $2000 Home Buying Bonus offer are available until the end of June for eligible customers.
  • We have provided personalised insights to more than 150,000 customers, including if they’re ahead on their repayments, which gives them flexibility to take a breather on payments if they ever need it.



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