NAB hikes mortgage rates by 0.25%. Stays ‘mum’ on savers

NAB has announced it will also pass on 0.25 percentage point RBA hike to its variable mortgage customers, taking its lowest variable rate to 5.24 per cent.

NAB’s higher mortgage rates will be effective for both new and existing customers on 17 February.

NAB new customer variable rates for owner-occupiers – effective 17 February

Source: RateCity.com.au. Repayments are for an owner-occupier paying principal and interest with a $500,000 debt and 25 years remaining. New rates effective 17 February 2022.

What is NAB doing for savers?

At this stage, NAB is not passing on a single rate increase to its savings customers.

The bank has noted, however, that all of the bank’s savings and term deposit rates are continually under review.

RateCity.com.au research director, Sally Tindall, said: “NAB has been quick to announce hikes for its home loan customers, but, once again, left savers in the dark.”

“NAB savings customers should not have to put up with this. Will they hike? Won’t they hike? If you’ve got your hard-earned cash in the bank, you want it to be upfront so you can make an informed decision,” she said.

“If you’ve got a Reward Saver or an iSaver account, tweet, email or call the bank to find out whether the bank is going to pass this RBA hike on to you.

“A decent ongoing savings rate after this latest hike filters through will be over 4 per cent. Anything less, and it could be time to break up with your bank,” she said.

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