NAB changes rates for variable savings and mortgage products

NAB today announced changes to its savings accounts and variable home loans.

Mortgage rate:

  • The standard variable interest rate for home loans will increase by 0.50% per year, starting July 15, 2022.

Savings rate:

  • NAB’s Reward Saver Account will grow 0.50% per year beginning July 15, 2022.
  • NAB’s 12 month term deposit account will change to 2.50% per annum effective July 15, 2022.

NAB regularly updates its savings and term deposit rates – for the latest rate customers can check here.

Rachel Slade, NAB Group Director of Personal Banking, said the NAB team was committed to working closely with customers to provide support throughout the rapidly changing rate environment.

“Banks are there to serve their customers, so no matter who you’re dealing with, the first step is a conversation with a banker so we can figure out the best way to support you,” Ms Slade said.

“Overall, our customers are in a good position with their repayments well ahead of schedule. For any client who wants to understand what rising interest rates mean for their home loan or who is worried about their financial situation, we are here to help.

To view current NAB interest rates, please click here.

Background:

  • The NAB or nab.com.au mobile app offers a range of options for customers to manage their money when it suits them, including:
  • Understand what a change in interest rates means for their repayments
  • Tools allowing customers to manage their mortgage themselves: adjustment of repayments, access to the new drawdown available, creation of a clearing account and fixing or splitting of a mortgage.
  • NAB customers can book an appointment or request a call with one of our mortgage specialists to discuss their loan at a time that is convenient for them.
  • NAB customers who have concerns about tracking their home loan repayments can contact NAB Assist on 1800 701 599 or visit https://www.nab.com.au/personal/life-moments/manage-money/manage- debt/ financial aid.

The NAB team also offers the following considerations for clients looking to manage their home loan repayments:

  1. Consider offsetting – linking an offset account to your variable rate home loan helps you pay off the loan faster.
  2. Align your costs – adjusting your reimbursements can help you manage your budget and align your direct debit the same day you get paid. If you are ahead and want to reduce your home loan repayments, contact us so we can help you with this change.
  3. Build in flexibility – fixing interest on all or part of your loan can provide a period of repayment certainty. If you split your loan between a fixed rate and a variable rate, you’ll still have flexible features like netting.
  4. Take advantage of market offers – for example, you can claim $2,000 in cash when you refinance your existing home loan at NAB.
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James V. Hayes