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NAB announces rates hikes – how the big four banks now stack up
NAB is the last of the big four banks to announce it is passing on Tuesday’s cash rate hike to variable mortgage holders in full, effective 16 June.
This will take the bank’s lowest variable rate to 6.24 per cent.
In a busy day for rate announcements, a total of 16 lenders announced they will be passing on the full hike to their mortgage customers including Macquarie Bank, Bendigo and Adelaide Bank and Bankwest.
In total, 19 lenders have announced their rate decisions since the RBA’s announcement on Tuesday.
NAB new customer variable rates for owner-occupiers – effective 16 June
| Old rate | New rate | |
| Basic variable | 5.99% | 6.24% |
| Discounted variable (Tailored loan) | 7.07% | 7.32% |
| Standard variable | 8.27% | 8.52% |
Source: RateCity.com.au. Rates are for owner-occupiers playing principal and interest. LVR requirements apply.
NAB has also announced it is passing on the 0.25 percentage point hike to its Reward Saver account, taking the maximum ongoing rate to 4.75 per cent, however, there is no change to its iSaver account at this stage.
NAB savings changes – effective 16 June
| Old max rate | New max rate | Change % points | |
| Reward Saver | 4.50% | 4.75% | +0.25 |
| iSaver | 4.50% for 4 mths then 1.85% | 4.50% for 4 mths then 1.85% | No change |
Source: RateCity.com.au. Note: conditions and balance caps apply for maximum rate on select accounts
STATE OF PLAY – how the big four banks now stack up
Home loans: big four banks’ new lowest advertised rates
| Bank | Basic variable (no offset) | Variable with offset |
| CBA | 6.12% | 6.14% |
| Westpac | 5.84% for 2yrs then +0.40% | 7.19% |
| NAB | 6.24% | 7.32% |
| ANZ | 6.04% | 6.99% |
Source: RateCity.com.au. Rates are for owner-occupiers paying principal and interest. LVR requirements apply to qualify.
Savings: what have each of the big four banks announced for existing customers so far?
| Bank | Bonus saver | Online saver | Kids saver | Other accounts |
| CBA |  | | | N/A |
| Westpac | X | X | X | X |
| NAB | | X | N/A | N/A |
| ANZ | X | X | X | X |
Source: RateCity.com.au.
Big four bank savings account rates – May 2022 to June 2023
| BONUS SAVERS | |||||
| Account | 1-May-22 | After June hike | Increase % pts | Conditions for max rate | |
| CBA GoalSaver | 0.25% | 4.65% | 4.40% | Grow balance each mth | |
| Westpac Life | 0.25% | 4.50% | 4.25% | Grow balance each mth | |
| NAB Reward Saver | 0.25% | 4.75% | 4.50% | 1 deposit, no withdraw / mth | |
| ANZ Progress Saver | 0.15% | 4.00% | 3.85% | $10+ dep, no withdraw/mth | |
| ONLINE SAVERS | |||||
| Existing customer rates | |||||
| Account | 1-May-22 | After June hike | Increase % pts | Intro rate and conditions | |
| CBA NetBank Saver | 0.05% | 2.20% | 2.15% | 4.75% for 5 mths. No conditions. | |
| Westpac eSaver | 0.05% | 1.10% | 1.05% | 4.50% for 5 mths. No conditions. | |
| NAB iSaver | 0.05% | 1.85% | 1.80% | 4.50% for 4 mths. No conditions. | |
| ANZ Online Saver | 0.05% | 1.35% | 1.30% | 3.10% for 3 mths. No conditions. | |
| OTHER | |||||
| Account | 1-May-22 | After June hike | Increase % pts | Conditions for max rate | |
| Westpac Spend&Save (18-29 yrs) | 2.00% | 5.00% | 3.00% | Grow bal each mth. 5+ purchases on linked bank account. | |
| ANZ Plus Save (15 yrs+) | 0.50% | 4.50% | 4.00% | None | |
Source: RateCity.com.au.
RateCity.com.au research director, Sally Tindall, said: “NAB has hiked the rate on its Reward Saver by the full RBA hike, but at 4.75 per cent, it’s still nothing to crow about.”
“The RateCity.com.au database shows there are now 10 lenders offering rates of 5 per cent or more, with the market leaders potentially to climb over 5.50 per cent,” she said.
“Existing customers with an big four online savings account should consider breaking up with, at the very least, switching to a different account within the bank.
“The cash rate has now gone up 12 times in just over a year and yet Westpac is still offering its existing customers just 1.10 per cent.
“The hits keep on coming for households burdened with a mortgage with all big banks now confirming they will be passing this latest hike on in full.
“Borrowers have done an amazing job of keeping up with the rate hikes so far, but the climb to the peak could prove too challenging for some households, with many economists now expecting there will be at least one, if not more rate hikes still to come.
“Call your bank, ask them what your monthly repayments will be if your rate rises by further 0.50 percentage points. As difficult as it might be, try to start paying that amount today.
“If you can clear this amount, it will give you some peace of mind over the next couple of months. If you can’t, then you’ll have time to take action,” she said.
Resources for people in financial stress:
- National Debt Helpline: 1800 007 007
- Good Shepherd no interest loans
- Services Australia Payment and Service Finder
State-based resources:
Compare home loans in Australia
Product database updated 19 Nov, 2024
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