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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Variable | More details | ||||||||||||
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Variable | More details | ||||||||||||
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Unloan – Variable Rate Home Loan – Refinance Only
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Variable | More details | ||||||||||||
FEATURED | Up – Up Home Variable (Principal & Interest) (LVR ≤ 90)
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Up – Up Home Variable (Principal & Interest) (LVR ≤ 90)
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- $4000 for loans over $700,000
Image by Ussama Azam via Unsplash

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