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- NAB to hike variable mortgages by RBA’s 0.25%, but leaves savers in the dark
NAB to hike variable mortgages by RBA’s 0.25%, but leaves savers in the dark
NAB is the first of the big four banks to announce it is passing on today’s 0.25 percentage point RBA hike in full to its variable mortgage rates.
However, NAB has chosen to keep its savings rate decision under wraps again this month.
NAB variable home loan changes
NAB will increase its variable mortgage rates for new and existing customers on November 11 by 0.25 percentage points.
NAB variable rates for owner-occupiers – effective 11 November
| Old rate | New rate | Increase in repayments, $500K | |
| Lowest variable | 4.49% | 4.74% | $71 |
| Discounted variable rate | 6.17% | 6.42% | $77 |
| Standard variable rate | 7.02% | 7.27% | $80 |
Source: RateCity.com.au. Repayments are for an owner-occupier paying principal and interest with a $500,000 loan over 25 years. New rates effective 11 November 2022.
However, the bank has not announced whether it plans to increase the rates on its popular savings accounts, with these rates remaining under review.
Current NAB savings rates – no changes announced today
| NAB | Max rate |
| Reward Saver | 2.50% |
| iSaver | 3.0% for 4 months then 1.10% |
Source: RateCity.com.au.
RateCity.com.au research director, Sally Tindall, said: “While it’s good to see NAB come out quickly to let variable mortgage customers know their rates are on the rise, once again the bank is leaving its savers in the dark.”
“By keeping quiet on savings rates NAB is strategically holding its cards close to its chest, waiting for the other three big banks to reveal their hands,” she said.
“NAB iSaver customers are still only earning an ongoing rate of 1.10 per cent, which is woeful considering the cash rate just hit 2.85 per cent.
“Let’s hope the other three big banks come to the party for savers and pass on the full RBA hike.
“The highest ongoing savings rate for all adults is currently 4.05 per cent and there’s a chance it could rise even further if ING decides to pass on this month’s RBA hike.
“For mortgage customers, NAB’s lowest variable home loan rate will rise to 4.74 per cent once this month’s hike takes effect – that’s more than double what it was at the start of May,” she said.
Disclaimer
This article is over two years old, last updated on November 1, 2022. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent home loans articles.
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