NAB announces changes to home loan interest rates
September 12, 2023
We’ve got some exciting news to share with you today. The National Australia Bank (NAB) has just unveiled some significant changes to their home loan products, and we’re here to break it all down for you.
1. Updates to the Base Variable Rate Home Loan
After a comprehensive review of their home loan pricing, NAB has decided to let the BVR LVR tiered Offer expire by the close of business on 12th September 2023.
| Loan Purpose | Repayment Type | Change (p.a.) | New Rate (p.a.) | New Comparison Rate1 (p.a.) |
| Owner Occupier | Principal and Interest | -0.96% | 6.49% | 6.53% |
| Interest Only | -0.33% | 7.69% | 7.06% | |
| Residential Investor | Principal and Interest | -0.96% | 7.01% | 7.05% |
| Interest Only | -0.33% | 8.02% | 7.50% |
For insights on comparison rates, don’t forget to check out their ‘Important Information’ section.
2. Changes to Fixed Rates for NAB Tailored Home Loan
NAB is also introducing changes to their fixed rates for the NAB Tailored Home Loan. Here’s a snapshot:
| LVR2 TIERED FIXED RATES3 OWNER OCCUPPIER |
Principal & Interest | |||
| Old Rate (p.a.) | Change (p.a.) | New Rate (p.a.) | New Comparison Rate1 (p.a.) | |
| 2 Years – LVR 60% or less | 6.54% | -0.35% | 6.19% | 7.17% |
| 2 Years – LVR 60.01% – 70% | 6.54% | -0.35% | 6.19% | 7.17% |
| 2 Years – LVR 70.01% – 80% | 6.59% | -0.35% | 6.24% | 7.34% |
| 2 Years – LVR 80.01% or more | 6.59% | -0.35% | 6.24% | 7.34% |
These rate changes also extend to other loan products like the NAB Choice Package4 and Private Package Tailored Home Loan Indicator Rates.
3. Important Notes for Customers
- These new rates will be effective from 13th September 2023.
- They apply to both new and existing NAB Choice Package4 home loans and Tailored Home Loans.
- The rate you get will be the effective fixed rate on the day of drawdown unless you opt for Rate Lock and the interest rate is lower than the advertised rate at drawdown.
- Existing customers looking to switch or re-fix3 their rate should be aware of the terms and any potential costs.
Conclusion
These changes are a testament to NAB’s commitment to offering competitive rates to their customers. If you have any questions or need further clarification, don’t hesitate to reach out. Stay tuned for more updates and happy home buying!
