Key points
  • NAB cuts fixed rate home loans for new owner occupiers and investors by up to 60 basis points. 
  • Mutual banks in Newcastle Permanent, Greater Bank and Community First have also reduced rates across both fixed and variable home loans for new customers. 

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*). 

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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.

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Filters
LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees Max LVR Lump Sum Repayment Extra Repayments Split Loan Option TagsFeaturesLinkComparePromoted ProductDisclosure
5.94% p.a.
5.98% p.a.
$2,978
Principal & Interest
Variable
$0
$530
90%
  • Owner Occupier
  • Variable
  • Principal & Interest
  • 10% Min Deposit
  • Redraw
  • Extra Repayments
  • More details
  • Available for purchase or refinance, min 10% deposit needed to qualify.
  • No application, ongoing monthly or annual fees.
  • Dedicated loan specialist throughout the loan application.
 Disclosure
5.89% p.a.
5.80% p.a.
$2,962
Principal & Interest
Variable
$0
$0
80%
  • Built and funded by CommBank
  • Owner Occupier
  • Variable
  • Principal & Interest
  • 20% Min Deposit
  • Redraw
  • More details
  • 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.
 Disclosure
5.99% p.a.
6.02% p.a.
$2,995
Principal & Interest
Fixed
$0
$0
60%
  • Owner Occupier
  • Fixed 3 Years
  • Principal & Interest
  • 40% Min Deposit
  • Redraw
  • More details
  • Competitive rates to help you save
  • A Dedicated Relationship Manager
  • Certainty of repayments with a fixed rate term
 Disclosure
5.93% p.a.
5.93% p.a.
$2,975
Principal & Interest
Variable
$0
$395
70%
  • Owner Occupier
  • Variable
  • Principal & Interest
  • 30% Min Deposit
  • Redraw
  • More details
 Disclosure
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Important Information and Comparison Rate Warning
Important Information and Comparison Rate Warning
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