Home Loan Update: NAB & Westpac adjust fixed & variable rates

By Cameron Thomson · · 2 min read
Fact Checked
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Interest rate hike and cut home loan

With yet another pause in the cash rate, borrowers may be wondering if their home loan interest rates will remain static. However, some recent changes by two of the big four - NAB and Westpac - show that both fixed and variable rates can have adjustments up and down. 

Keeping an eye on these movements can help borrowers stay informed about where rates are at and stay tuned in to the property market.

Variable Home Loans

For variable home loans, NAB has simplified its Loan to Value Ratio (LVR) tiers for its Base Variable Rate Home Loan, leading to an overall lower interest rate for higher LVR customers. Owner-occupier loans have decreased from 7.45% p.a. to 6.49% p.a. and from 7.97% p.a. to 7.01% p.a. for Investor loans (from $20,000, principal & interest). 

On the other hand, Westpac has increased rates for its Flexi First Option Home Loan and Flexi First Option Investment Loan (Special Offer). With an LVR of <70% Owner-occupiers have seen rates rise from 5.99% p.a. to 6.09% p.a. while investor loans increased from 6.29% p.a. To 6.39% p.a. (first 24 months of the loan).

Fixed Home Loans

Both banks saw a cut across a range of fixed rate home loans. For example, Westpac's 2 year Fixed Rate Investment Loan (Premier Advantage Package) has decreased from 6.49% p.a. to 6.29% p.a. for an LVR <70%.

NAB has also reduced the 2-year fixed rate for its Tailored Home Loan product. Specifically, the rate for Owner Occupiers, Principal & Interest, with LVR less than 70%, has been reduced from 6.54% p.a. to 6.19% p.a.

Borrowers might want to consider these changes when reviewing home loans. At Mozo, our database offers a range of home loan products (both variable and fixed) that you can compare to take your research further. Start by checking some out in the table below… 

Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can compare more home loans here.
Last updated 16 November 2025 Important disclosures and comparison rate warning*
What are your home loan needs?
Loan purpose
Buying or Refinancing
  • Promoted

    Unloan Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    Interest rate
    5.19 % p.a.
    Variable
    Comparison rate
    5.10 % p.a.
    Initial monthly repayment
    $2,742
    Go to site
    • The first home loan with an automatic loyalty discount (conditions apply)
    • No application or banking fees
    • Built by CommBank
  • Promoted

    Lite Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    Interest rate
    5.19 % p.a.
    Variable
    Comparison rate
    5.21 % p.a.
    Initial monthly repayment
    $2,742
    Go to site
    • Earn Virgin Money Points every month
    • No ongoing home loan fees
    • Make additional repayments and redraw at no extra cost

  • Fixed Rate Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 5% min deposit
    Interest rate
    4.89 % p.a.
    Fixed 2 years
    Comparison rate
    5.40 % p.a.
    Initial monthly repayment
    $2,651
    Go to site
    • No ongoing annual fees
    • Make up to $25,000 extra repayments during a fixed period, fee free (T&Cs apply)
    • Lock in for up to 5 years.

  • Fixed Rate Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • Interest only
    • 20% min deposit
    Interest rate
    4.89 % p.a.
    Fixed 2 years
    Comparison rate
    5.44 % p.a.
    Initial monthly repayment
    $2,651
    Go to site
    • Free extra repayments of up to $25,000 during the fixed rate period.
    • Split loan available
    • Weekly, fortnightly, or monthly repayment options

  • First Home Buyer Loan

    • Owner occupier
    • Principal & Interest
    • 5% min deposit
    • For first home buyers
    • Offset available
    • Redraw available
    Interest rate
    4.99 % p.a.
    Variable
    Comparison rate
    5.04 % p.a.
    Initial monthly repayment
    $2,681
    Go to site
    • Competitive interest rate – 4.99% p.a. (comparison rate* 5.04% p.a.)
    • Offset account to reduce interest and save on repayments
    • No establishment or monthly fees, plus valuation fees waived up to $1,000 (limited time)

  • 2-Year Discounted Simple Home Loan Variable

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Refinance only
    • Redraw available
    Interest rate
    4.99 % p.a.
    Variable for 24 months and then 5.24% p.a.
    Comparison rate
    5.20 % p.a.
    Initial monthly repayment
    $2,681
    Go to site
    • 2-year discounted variable rate offer for owner-occupiers
    • No application or ongoing fees and up to $1,000 towards legal and valuation costs (T&Cs apply)
    • Make unlimited extra repayments and access free redraw anytime

  • Unloan Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    Interest rate
    5.19 % p.a.
    Variable
    Comparison rate
    5.10 % p.a.
    Initial monthly repayment
    $2,742
    Go to site
    • The first home loan with an automatic loyalty discount (conditions apply)
    • No application or banking fees
    • Built by CommBank

  • Special Budget Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    • Cashback
    Interest rate
    5.19 % p.a.
    Variable
    Comparison rate
    5.19 % p.a.
    Initial monthly repayment
    $2,742
    Go to site
    • No application or monthly fees
    • Free redraw facility
    • $5000 cashback for first time buyers borrowing at least $500K. Apply by 30/11/2025 with loans settled by 30 April 2026. Lending criteria, T&Cs apply.

  • Discount Great Rate Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    • Cashback
    Interest rate
    5.19 % p.a.
    Variable
    Comparison rate
    5.20 % p.a.
    Initial monthly repayment
    $2,742
    Go to site
    • Get up to $3,000 cashback when you apply online (T&Cs apply)
    • No paperwork or payslips required (see site for details)
    • Low variable rate

  • Lite Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    Interest rate
    5.19 % p.a.
    Variable
    Comparison rate
    5.21 % p.a.
    Initial monthly repayment
    $2,742
    Go to site
    • Earn Virgin Money Points every month
    • No ongoing home loan fees
    • Make additional repayments and redraw at no extra cost

  • OMG Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Redraw available
    Interest rate
    5.24 % p.a.
    Variable
    Comparison rate
    5.27 % p.a.
    Initial monthly repayment
    $2,758
    Go to site
    • No ongoing annual fees
    • Pre-approval valid for 3 months

  • Variable Home Loan 90

    • Owner occupier
    • Principal & Interest
    • 10% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.29 % p.a.
    Variable
    Comparison rate
    5.33 % p.a.
    Initial monthly repayment
    $2,773
    Go to site
    • No monthly or ongoing fees
    • Option to add an offset for 0.10% p.a.

  • Loaded Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.34 % p.a.
    Variable
    Comparison rate
    5.64 % p.a.
    Initial monthly repayment
    $2,789
    Go to site
    • Earn Virgin Money Points at settlement and every month
    • 100% interest offset
    • Weekly, fortnightly or monthly repayment flexibility

  • Basic Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Redraw available
    Interest rate
    5.38 % p.a.
    Variable
    Comparison rate
    5.41 % p.a.
    Initial monthly repayment
    $2,801
    Go to site
    • No ongoing monthly loan maintenance fees
    • Weekly, fortnightly, or monthly repayment options

  • Offset Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.39 % p.a.
    Variable
    Comparison rate
    5.42 % p.a.
    Initial monthly repayment
    $2,805
    Go to site
    • No ongoing monthly loan maintenance fees to pay.
    • Pre-approval valid for 3 months

  • Offset Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.42 % p.a.
    Variable
    Comparison rate
    5.45 % p.a.
    Initial monthly repayment
    $2,814
    Go to site
    • No ongoing monthly loan maintenance fees
    • Weekly, fortnightly, or monthly repayment options
Showing 14 results from 378 home loans. Use the filters to see more

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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.

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.

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