The decision by Australia’s third-largest bank comes as both bank and non-bank lenders look to offer a competitive interest rate solution for the 800,000 customers unwinding from a low-rate fixed mortgage in 2023.

NAB’s move to cut fixed rates applies to new owner occupiers and investors across principal and interest (P&I) and interest-only (IO) loan options. 

Key highlights of NAB’s decreases for owner occupiers include: 

  • Tailored Fixed P&I 3 Years 70-80% LVR: 50 basis point decrease to 5.59% p.a. (6.69% p.a. comparison rate*). 
  • Tailored Fixed IO 3 Years 70-80% LVR: 35 basis point decrease to 6.04% p.a. (6.90% p.a. comparison rate*). 
  • Tailored Fixed P&I 4 Years ≤60% LVR: 30 basis point decrease to 6.04% p.a. (6.62% p.a. comparison rate*). 
  • Tailored Fixed IO 4 Years ≤60% LVR: 60 basis point decrease to 6.39% p.a. (6.78% p.a. comparison rate*).

For investors, key decreases include: 

  • Investment Tailored Fixed P&I 3 Years 70-80% LVR: 60 basis point decrease to 5.69% p.a. (7.14% p.a. comparison rate*). 
  • Investment Tailored Fixed IO 3 Years 70-80% LVR: 45 basis point decrease to 5.94% p.a. (7.26% p.a. comparison rate*). 
  • Investment Tailored Fixed P&I 4 Years ≤60% LVR: 15 basis point decrease to 6.29% p.a. (7.08% p.a. comparison rate*). 
  • Investment Tailored Fixed IO 4 Years ≤60% LVR: 15 basis point decrease to 6.39% p.a. (7.14% p.a. comparison rate*).

Newcastle Permanent decreases fixed and variable rates by up to 0.80% p.a.

The mutual bank has cut fixed and variable rate home loans for both owner occupiers and investors in the past week by up to 80 basis points (0.80%). 

Key decreases across Newcastle Permanent's fixed rate home loan portfolio include:

  • Residential Fixed P&I 5 Years 95% LVR: 70 basis point decrease to 6.19% p.a. (7.09% p.a. comparison rate*). 
  • Residential Fixed IO 5 Years 90% LVR: 70 basis point decrease to 6.69% p.a. (7.33% p.a. comparison rate*). 
  • Investment Fixed P&I 5 Years 95% LVR: 70 basis point decrease to 6.29% p.a. (7.32% p.a. comparison rate*). 
  • Investment Fixed IO 5 Years 90% LVR: 80 basis point decrease to 6.39% p.a. (7.39% p.a. comparison rate*). 

Newcastle Permanent's variable rate decreases include:

  • Real Deal Investment P&I Special Offer 80% LVR 150k+: 20 basis point decrease to 5.39% p.a. (5.43% p.a. comparison rate*).
  • Real Deal Investment IO Special Offer 80% LVR 150k+: 13 basis point decrease to 5.69% p.a. (5.55% p.a. comparison rate*). 

Greater Bank cuts fixed and variable rates by up to 0.40% p.a. 

Echoing the move from its merger partner Newcastle Permanent albeit with a smaller decrease, Greater Bank has cut fixed and variable interest rates in the past week by up to 40 basis points (0.40%).

Key decreases across Greater Bank's fixed rate home loan portfolio include:

  • Standard Fixed P&I 5 Years 90% LVR: 40 basis point decrease to 5.99% p.a. (6.63% p.a. comparison rate*). 
  • Investment Standard Fixed P&I 5 Years 95% LVR: 40 basis point decrease to 6.09% p.a. (6.88% p.a. comparison rate*). 

Greater Bank's variable rate decreases include:

  • Great Rate Discount Variable $150k+ ≤90% LVR: 11 basis point decrease to 5.09% p.a. (5.10% p.a. comparison rate*).
  • Great Rate Discount Variable IO $150k+ ≤90% LVR: 11 basis point decrease to 5.19% p.a. (5.20% p.a. comparison rate*). 

Community First cuts fixed rates by 0.20% p.a.

The credit union cut fixed interest rates in the past week for new owner occupiers and investors by 20 basis points (0.20%). 

Highlights of these decreases include:

  • Fixed P&I 3 Years 95% LVR: 20 basis point decrease to 5.99% p.a. (5.86% p.a. comparison rate*). 
  • Fixed IO 3 Years 95% LVR: 20 basis point decrease to 6.29% p.a. (5.94% p.a. comparison rate*). 
  • Investment Fixed P&I 3 Years 80% LVR: 20 basis point decrease to 6.29% p.a. (6.09% p.a. comparison rate*).
  • Investment Fixed IO 3 Years 80% LVR: 20 basis point decrease to 6.59% p.a. (6.17% p.a. comparison rate*). 

Advertisement

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.

Rates
Features
Fees
Other
Lender
VariableMore details
Online ExclusiveUp To $4K Cashback Includes NOV RBA Rate Increase
  • Immediate cashback upon settlement
  • $2000 for loans up to $700,000
  • $4000 for loans over $700,000
Online ExclusiveUp To $4K Cashback Includes NOV RBA Rate Increase

loans.com.au – Variable Basic Cashback Home Loan (Principal and Interest) (LVR < 70%)

  • Immediate cashback upon settlement
  • $2000 for loans up to $700,000
  • $4000 for loans over $700,000
More details
VariableMore details
Refinance OnlyApply In Minutes
  • No application or ongoing fees. Annual rate discount
  • Unlimited redraws & additional repayments. LVR <80%
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
Refinance OnlyApply In Minutes

Unloan – Variable Rate Home Loan – Refinance Only

  • No application or ongoing fees. Annual rate discount
  • Unlimited redraws & additional repayments. LVR <80%
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
More details
VariableMore details
  • Up is 100% owned by Bendigo Bank.
  • Up to 50 offset accounts
  • New joiners get $10 by signing up to the app using code UPHOMESAVINGS. (T&Cs apply)

Up – Up Home Variable (Principal & Interest) (LVR ≤ 90)

  • Up is 100% owned by Bendigo Bank.
  • Up to 50 offset accounts
  • New joiners get $10 by signing up to the app using code UPHOMESAVINGS. (T&Cs apply)
More details
  • Immediate cashback upon settlement
  • $2000 for loans up to $700,000
  • $4000 for loans over $700,000

More details
Important Information and Comparison Rate Warning

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of December 8, 2023. View disclaimer.

Image by Ussama Azam via Unsplash



Ready, Set, Buy!


Learn everything you need to know about buying property – from choosing the right property and home loan, to the purchasing process, tips to save money and more!

With bonus Q&A sheet and Crossword!

By subscribing you agree to our privacy policy