Home loan relief as NAB cuts fixed rates by up to 60 basis points

By Cameron Thomson · · 1 min read
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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 RatePrevious RateNew Rate
1-year6.09% p.a.5.94% p.a.
2-year6.09% p.a.5.84% p.a.
3-year6.09% p.a.5.59% p.a.
4-year6.39% p.a.6.09% p.a.
5-year6.49% p.a6.24% p.a.

NAB Tailored Home Loan 

(owner-occupier, principal and interest, fixed, <70% LVR)

Fixed RatePrevious RateNew Rate
1-year5.99% p.a.6.54% p.a.
2-year6.09% p.a.6.44% p.a.
3-year5.99% p.a.6.29% p.a.
4-year6.39% p.a.6.39% p.a.
5-year6.59% p.a.6.49% 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

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Last updated 27 July 2024 Important disclosures and comparison rate warning*

  • Optimum Fixed Rate Home Loan

    • Owner Occupier
    • Principal & Interest
    Interest rate
    5.69 % p.a.
    Fixed 3 years
    Comparison rate
    6.34 % p.a.
    Initial monthly repayment
    $2,899
    Go to site

    Lock in a competitive interest rate and enjoy peace of mind for the fixed period. Available for owner occupied new and refinanced home loans with at least 20% deposit. Split option available as well as offset and redraw. Noapplication, ongoing or banking fees. Third Party fees may be applicable - payable within loan repayments. Extra repayments up to $20K per annum permitted. Apply online, 100% member owned credit union.

  • Flex Home Loan

    • Fixed
    • Owner Occupier
    • Principal & Interest
    • LVR <60%
    Interest rate
    5.99 % p.a.
    Fixed 3 years
    Comparison rate
    6.34 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    Competitive Fixed rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.

  • Basic Home Loan

    • Fixed
    • Owner Occupier
    • Principal & Interest
    • LVR<70%
    Interest rate
    6.25 % p.a.
    Fixed 3 years
    Comparison rate
    6.20 % p.a.
    Initial monthly repayment
    $3,079
    Go to site

    No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $10,000,000.

  • Offset Home Loan

    • Fixed
    • Owner Occupier
    • Principal & Interest
    • LVR <70%
    Interest rate
    6.25 % p.a.
    Fixed 3 years
    Comparison rate
    6.42 % p.a.
    Initial monthly repayment
    $3,079
    Go to site

  • Fixed Rate

    • Owner Occupier
    • Principal & Interest
    • <80% LVR
    Interest rate
    6.54 % p.a.
    Fixed 2 years
    Comparison rate
    7.10 % p.a.
    Initial monthly repayment
    $3,174

    Enjoy up to $3000 cashback for eligible first home buyers and $2000 cashback for refinancers on eligible home loans with the ANZ Fixed Rate Home Loan. Get the security of repayment certainty with a competitive locked in rate. No ongoing fees to pay. Offset account on 1-year fixed loans ($10/month fee applies). Interest-only payments allowed.

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* 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.

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