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

By Cameron Thomson · · 2 min read
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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 the products below. We don’t compare the entire market, but you can compare more home loans here.
Last updated 18 September 2024 Important disclosures and comparison rate warning*

Home loan comparisons on Mozo

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  • Unloan Variable

    • Owner Occupier
    • LVR <80%
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    5.90 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.

  • Neat Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <60%
    Interest rate
    6.09 % p.a.
    Variable
    Comparison rate
    6.11 % p.a.
    Initial monthly repayment
    $3,027
    Go to site

    Competitively-priced variable rate loan. Ideal for owner occupiers and investors. No service fees to pay. Make free extra repayments and redraws. Flexible repayment schedule available.

  • Fixed Express Home Loan

    • Owner Occupier
    • Principal & Interest
    Interest rate
    5.99 % p.a.
    Fixed 2 years
    Comparison rate
    6.14 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    Lock in a low 2 year fixed rate with the Mozo award winning Home Lender of the Year. Available for live-in borrowers with just a 10% deposit required. Free extra repayments (up to 20% in fixed period), free redraw and partial offset available. $10 monthly service fee. Aussie support centre. Fast approvals. Up to 6 free offset accounts (T&Cs apply).

  • 3 Year Special Fixed Home Loan

    • Owner Occupier
    • Principal & Interest
    Interest rate
    5.69 % p.a.
    Fixed 3 years
    Comparison rate
    6.16 % p.a.
    Initial monthly repayment
    $2,899
    Go to site

    This home loan is available for purchase or refinance, complete with 1, 2 or 3 year fixed rate options. Minimum 10% deposit required.

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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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