NAB raises fixed home loan rates, Macquarie cuts variable

author-avatar By on May 12, 2021
NAB raises fixed home loan rates, Macquarie cuts variable

This morning two major lenders made some changes to home loans, with NAB raising fixed home loans and Macquarie cutting variable home loan rates.

NAB increased interest rates on four owner occupier home loans: two packaged loans and two non-packaged loans.

These rate increases apply to: 

  • Tailored Fixed P&I 4 Years: 21 basis point rise to 2.29% p.a. (3.91% p.a. comparison rate*)
  • Tailored Fixed P&I 5 Years: 25 basis point rise to 2.59% p.a. (3.88% p.a. comparison rate*)
  • Choice Package P&I 4 Years: 21 basis point rise to 2.19% p.a. (3.76% p.a. comparison rate*)
  • Choice Package P&I 5 Years: 25 basis point rise to 2.49% p.a. (3.76% p.a. comparison rate*)

The Choice Package 4 year loan is now out of the sub-2% range, after becoming one of the first of the big four banks' loans to be cut below that threshold after the Reserve Bank's November 2020 cash rate cut.

Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.

Meanwhile, Macquarie cut a few variable home loans for owner occupiers and investors by up to 20 basis points:

  • Variable OO P&I 60% LVR: 15 basis point cut to 2.34% p.a. (2.34% p.a. comparison rate*)
  • Variable OO P&I 70% LVR: 15 basis point cut to 2.39% p.a. (2.39% p.a. comparison rate*)
  • Variable Investor P&I 60% & 70% LVR: 20 basis point cut to 2.49% p.a. (2.49% p.a. comparison rate*)

In a note to brokers, Macquarie also said it raised interest rates on four and five-year fixed mortgages.

"We hope these great new rates and our industry-leading processing times lead to more opportunities and conversations with your clients," the note said.

Macquarie's current time to assessment is one day.

These changes follow on from lender Tic:Toc's cuts to variable loans and increases to fixed loans yesterday, with WestpacAussieUBank, and Citi increasing rates, too, in recent weeks.

Also this week: UBank removes LMI for 15% deposits, Athena cuts variable rates

Photo by Susan Q Yin on Unsplash


The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered which includes retail products from at least the big four banks, the top 10 customer-owned institutions and Australia’s larger non-banks:

  • The big four banks are: ANZ, CBA, NAB and Westpac
  • The top 10 customer-owned Institutions are the ten largest mutual banks, credit unions and building societies in Australia, ranked by assets under management in November 2020. They are (in descending order): Great Southern Bank, Newcastle Permanent, Heritage Bank, Peoples’ Choice Credit Union, Teachers Mutual Bank, Greater Bank, IMB Bank, Beyond Bank, Bank Australia and P&N Bank.
  • The larger non-bank lenders are those who (in 2020) has more than $9 billion in Australian funded loans and advances. These groups are: Resimac, Pepper, Liberty and Firstmac.
  • If you click on a product link and you are referred to a Product or Service Provider’s web page, it is highly likely that a commercial relationship exists between that Product or Service Provider and

Some providers' products may not be available in all states. To be considered, the product and rate must be clearly published on the product provider's web site.

In the interests of full disclosure,, Performance Drive and are part of the Firstmac Group. To read about how manages potential conflicts of interest, along with how we get paid, please click through onto the web site links.

*Comparison rate is based on a loan of $150,000 over a term of 25 years. Please note the comparison rate only applies to the examples given. Different loan amounts and terms will result in different comparison rates. Costs such as redraw fees and costs savings, such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

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Harrison is's Assistant Editor. Prior to joining Savings in January 2020, he worked for some of Australia's largest comparison sites and media organisations. With a keen interest in the economy, housing policy, and personal finance, Harrison is passionate about breaking down complex financial topics for the everyday consumer.

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