NAB cuts fixed rates (again) ahead of next RBA decision

By Jack Dona · · 2 min read
Fact Checked
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A National Australia Bank branch with signage featuring the bank's logo

NAB cut the interest rates on its fixed-rate home loan for a second time this year, as we draw closer to the first Reserve Bank of Australia (RBA) cash rate cut. 

Australia’s third-largest Big Four bank was the first to break the fixed-rate stalemate back in July, with a 0.60% cut to its 3-year Tailored Home Loan (Fixed). 

This rate has now been trimmed by a further 0.10%, bringing its most competitive 3-year rate to 5.94% p.a. (6.77% p.a. comparison rate*) for owner-occupiers with <80% LVR, making principal and interest repayments. 

The new fixed-rates on NAB’s Tailored Home Loan are as follows: 

Fixed rate term
Interest rate
Comparison rate*
Interest rate cut 
1 year
6.34% p.a. 
7.00% p.a.
-0.40% 
2 years
6.09% p.a. 
6.89% p.a. 
-0.55% 
3 years 
5.94% p.a. 
6.77% p.a. 
-0.10%
4 years
6.29% p.a.
6.81% p.a.
-0.50%
5 years
6.34% p.a.
6.79% p.a. 
-0.50%
Source: Mozo database, as at 8 October 2024. Rates are for an owner-occupier with <80% LVR, making principal and interest repayments over 25 years on a $400,000 home loan.

Mozo finance expert, Rachel Wastell says these cuts should serve as a “wake-up call” for Aussie homeowners. 

“NAB's cuts to all fixed-rate terms could be a wake-up call for homeowners sitting on the same rate for a while. 

“After cutting the 3-year fixed-rate back in July, they've now cut all terms to keep these rates competitive and position themselves as a serious contender among the Big Four,” said Wastell.  

Among the Big Four home loans on offer, NAB’s 3-year fixed-rate sits 5 basis points higher than CommBank’s Fixed Rate Home Loan package, but 5 basis points below Westpac’s equivalent offer, the Fixed Options Home Loan package.

Home loans from the Big Four tend to have higher interest rates. However, the recent cuts from CBA, NAB and Westpac place their most competitive home loans below the average rate in the Mozo database: 6.08% p.a. (OO, P&I, <80% LVR, $400k). 

Wastell says it’s time to shop around and consider the possibility of fixing your rate. 

“With fixed-rates being cut across the board, now is the time to shop around or call your lender to see if they can give you the cuts they're offering new borrowers.

“Fixing your rate can give you peace of mind, but it’s not a one-size-fits-all solution. If you’re on the fence, a split loan might be worth considering. It gives you the security of a fixed-rate on part of your loan while letting you take advantage of potential rate drops on the variable side.

“Home loan holders that take the time to compare could find themselves hundreds or even thousands of dollars better off, as even a small rate cut can save you big over time.

“It’s all about finding what works for you, so take the time to weigh up your options, and don’t just stick with what you know. See if there’s a better deal out there.”

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Last updated 22 November 2024 Important disclosures and comparison rate warning*

Home loan comparisons on Mozo

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    Interest rate
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    Initial monthly repayment
    $2,995
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    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.

  • Fixed Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <95%
    Interest rate
    5.69 % p.a.
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    Comparison rate
    6.28 % p.a.
    Initial monthly repayment
    $2,899
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    Get the security of a competitive fixed rate home loan for 2 years with IMB. Get up to $4,000 cashback (T&Cs apply). Up to 12 months repayments in advance without penalties. Free Internet and Mobile Banking redraws (T&Cs apply). Up to a 30 year loan term. Split loan available. No offset account.

  • Fixed Rate

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    Initial monthly repayment
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  • Unloan Variable

    • Owner Occupier
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    Interest rate
    5.99 % p.a.
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    5.90 % p.a.
    Initial monthly repayment
    $2,995
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    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.

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    Initial monthly repayment
    $3,011
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    Enjoy a discounted variable home loan from IMB. Get up to $4,000 cashback (T&Cs apply). Life-of-loan discount off IMB’s standard variable interest rate. Unrestricted additional repayments. Free Internet and Mobile Banking redraws (T&Cs apply). No monthly fees to pay. Up to a 30 year loan term. Split loan available. No offset account.

  • Mortgage Simplifier

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    Initial monthly repayment
    $3,043

    Get a competitive variable rate with ING’s Mortgage Simplifier. Free extra repayments, no monthly or annual fees. Freedom to make free extra repayments or redraws.

  • Elevate

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    Get competitive rates on loan terms of 5 to 30 years with the Aussie Elevate Home Loan. Structure your loan with up to five splits. Make additional repayments (T&Cs apply). Offset accounts available. Unlimited redraw using your online banking account. Choose from weekly, fortnightly or monthly payments For loan amounts from $10,000 to $5 million.

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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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