NAB joins CBA, ANZ in hiking variable home loan and savings rates

NAB is the third big bank to announce it is passing on the full RBA hike to variable rate mortgage customers.

From 15 July, NAB variable home loan rates for new and existing customers will go up by 0.50 percentage points.

NAB has followed CBA, ANZ and Macquarie which all announced 0.50 percentage point hikes today. Westpac is currently the only big four bank left to reveal its hand.

NAB variable rates for owner-occupiers – impact of 0.50% hike – effective 15 July

Calculations are based on a $500,000, 25-year loan

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 15 July 2022.

What is NAB doing for savers?

NAB is also increasing its Reward Saver account by 0.50 percentage points, taking the maximum rate to 1 per cent.

At this stage, NAB has not increased the interest rate on its iSaver account.

Like CBA and ANZ, NAB has also put a new term deposit special on the table – a 12-month rate at 2.50 per cent, available from 15 July. Analysis from RateCity.com.au shows currently the highest 12-month term deposit on offer is 3.15 per cent from Firstmac.

NAB savings changes – effective 15 July

Source: RateCity.com.au. Note: conditions and balance caps apply for maximum rate on select accounts. New rate effective 15 July 2022.

Three of the big four banks have now announced they will increase their bonus saver accounts by the full 0.50 percentage points.

Big four bank bonus savings accounts - who has announced so far?

Source: RateCity.com.au. Note: conditions and balance caps apply for maximum rate on select accounts.

RateCity.com.au research director, Sally Tindall, said: “NAB has followed its big bank competitors and hiked mortgage rates by the full 0.50 percentage points.”

“Variable rate customers are now seeing their third month in a row of big rate rises. These relentless repayment increases could start to cause significant stress on some household budgets,” she said.

“Following the last two hikes we saw CBA and ANZ turn around and cut rates for new customers. Borrowers should carefully check their own rate against what their bank is offering new business to make sure they aren’t being slapped with a loyalty tax.

“The banks have so far put decent rate hikes on the table for some of their savers. Just remember, banks are being selective about which accounts they hike, so take time to review your savings rate regularly as the RBA hikes continue.

“People looking for a competitive term deposit rate should know there are higher rates out there than the specials put on the table by CBA, NAB and ANZ.

“Analysis from RateCity.com.au shows there are already 20 banks offering rates above 2.5 per cent for term deposits of 12-month and less, including AMP Bank, Macquarie Bank and Bank of Queensland” she said.

Compare home loans in Australia