Home loan relief as NAB cuts fixed rates by up to 60 basis points
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As the consumer price index eases down to 7%, banks are increasingly looking at cutting their fixed interest rate loans with the expectation that the Reserve Bank of Australia (RBA) will continue to halt the cash rate.
However, despite the good news, inflation still remains far from the RBA’s 2-3% goal which could mean that interest rate rises are still on the table.
NAB cuts home loan fixed rates
Since the last RBA meeting, when it announced a pause after 10 consecutive rate hikes, a number of banks have announced cuts to their home loan interest rates.
More recently, NAB has cut back the interest rates on their fixed rate home loan products with shorter loans cut by 15 basis points (bp) and 60bp for longer loans.
NAB Tailored Home Loan
(owner-occupier, principal and interest, fixed)
| Fixed Rate | Previous Rate | New Rate |
| 1-year | 6.09% p.a. | 5.94% p.a. |
| 2-year | 6.09% p.a. | 5.84% p.a. |
| 3-year | 6.09% p.a. | 5.59% p.a. |
| 4-year | 6.39% p.a. | 6.09% p.a. |
| 5-year | 6.49% p.a | 6.24% p.a. |
NAB Tailored Home Loan
(owner-occupier, principal and interest, fixed, <70% LVR)
| Fixed Rate | Previous Rate | New Rate |
| 1-year | 6.14% p.a. | 5.99% p.a. |
| 2-year | 6.34% p.a. | 6.09% p.a. |
| 3-year | 6.34% p.a. | 5.99% p.a. |
| 4-year | 6.99% p.a. | 6.39% p.a. |
| 5-year | 7.09% p.a. | 6.59% p.a. |
If you’re looking to compare more fixed rate home loans, then Mozo has what you need. We have comparisons on all sorts of home loan providers to make sure you’re getting the loan that works for you.
Home loan comparisons on Mozo - last updated 9 December 2023
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Home Fixed Rate
Owner Occupier, Principal & Interest, Refinance Only
interest rate
comparison rate
Initial monthly repayment6.40% p.a.
fixed 4 years6.24% p.a.Enjoy the security of a competitive fixed interest rate from Up. No application, monthly, annual, redraw, or discharge fees to pay. Up to 50 free offset accounts available. Up home loans are only available to owner-occupiers buying or refinancing in major Australian cities. Up is 100% owned by Bendigo Bank. New joiners get $10 by signing up to the app using code UPHOMEMOZO. (T&Cs apply). Mozo Experts Choice award winner.
CompareCompareHome Fixed Rate
Enjoy the security of a competitive fixed interest rate from Up. No application, monthly, annual, redraw, or discharge fees to pay. Up to 50 free offset accounts available. Up home loans are only available to owner-occupiers buying or refinancing in major Australian cities. Up is 100% owned by Bendigo Bank. New joiners get $10 by signing up to the app using code UPHOMEMOZO. (T&Cs apply). Mozo Experts Choice award winner.
- interest rate
- 6.40% p.a.
fixed 3 years
- comparison rate
- 6.22% p.a.
- interest rate
- 6.40% p.a.
fixed 3 years
- comparison rate
- 6.22% p.a.
- upfront fees
- $0
- Ongoing fees
- $0.00
- Discharge Fee
- $0.00
- Extra repayments
- yes - up to $30,000
- Redraw facility
- yes - free
- Offset account
- no
- Maximum loan to value ratio
- 90.00%
- minimum borrowing amount
- $50,000
- maximum borrowing amount
- $10,000,000
- type of mortgage
- Fixed
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the Up Home Fixed Rate
-
Basic Home Loan
Fixed, Investment, Principal & Interest, LVR 70-80%
interest rate
comparison rate
Initial monthly repayment6.79% p.a.
fixed 3 years6.64% p.a.Lock in repayments from 1 to 5 years. Competitive rate tiers depending on your LVR. No application or annual fee. Fast, secure online application.
CompareCompareBasic Home Loan
Lock in repayments from 1 to 5 years. Competitive rate tiers depending on your LVR. No application or annual fee. Fast, secure online application.
- interest rate
- 6.79% p.a.
fixed 3 years
- comparison rate
- 6.64% p.a.
- interest rate
- 6.79% p.a.
fixed 3 years
- comparison rate
- 6.64% p.a.
- upfront fees
- $350
- Ongoing fees
- $0.00
- Discharge Fee
- $400.00
- Extra repayments
- yes - up to $10,000 p.a.
- Redraw facility
- yes - free
- Offset account
- no
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- $150,000
- maximum borrowing amount
- $10,000,000
- type of mortgage
- Fixed
- Repayment types
- Principal & Interest
- Availability
- Investor
- Repayment options
- Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the Macquarie Basic Home Loan
* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.
^See information about the Mozo Experts Choice Home Loan Awards
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