NAB drops interest rates on its Tailored Home Loan by up to 1.08%

By Jasmine Gearie · · 1 min read
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NAB is the first of the Big Four banks to drop interest rates on select home loans this year, with a cut of up to 1.08% now available on some of its variable home loans.

Owner occupiers who are paying principal and interest (P&I) or interest only (IO), with a loan-to-value ratio (LVR) between 70-80% now have access to rates that have fallen by as much as 0.78%.

For borrowers with 70% LVR, it means NAB’s Tailored Home Loan has a new variable interest rate starting at 6.79% p.a. (6.87% p.a. comparison rate*).

Select NAB investor home loans have benefited from a larger drop of 1.08%. This means variable rates for investors paying principal and interest or interest only with an LVR of less than 70% now have rates starting from 7.09% p.a. (7.17% p.a. comparison rate*).

Here’s a look at exactly what’s changed.

ProductOld rateNew rateChange
Owner occupier, P&I, <70% LVR7.57% p.a.
6.79% p.a.-0.78%
Owner occupier, P&I, 70-80% LVR7.77% p.a.6.99% p.a.-0.78%
Owner occupier, IO, <70% LVR8.04% p.a.7.26% p.a.-0.78%
Owner occupier, IO8.24% p.a.7.46% p.a.-0.78%
Investor, P&I, <70% LVR8.17% p.a.7.09% p.a.-1.08%
Investor, P&I8.37% p.a.7.29% p.a.-1.08%
Investor, IO, <70% LVR8.37% p.a.7.29% p.a.-1.08%
Investor, IO8.57% p.a.7.49% p.a.-1.08%

While the rate drops are good news for new and existing NAB borrowers, it is still important to compare home loans before committing to any lender.

Right now the current average variable home loan rate in Mozo's database is 6.83% p.a., but a number of lenders offer rates well below this – see some deals 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 30 October 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.

  • Variable Home Loan

    • Owner Occupier
    • Principal and Interest
    Interest rate
    5.98 % p.a.
    Variable
    Comparison rate
    6.02 % p.a.
    Initial monthly repayment
    $2,991
    Go to site

    Competitive variable rate on up to a 30 year loan term. No application fees to pay. Unlimited additional repayments. Free online redraw. Optional 100% offset feature ($10/month) 10% minimum deposit. Fees & charges apply, Australian Credit Licence 237879 is held by Bendigo and Adelaide Bank Limited, the credit provider.

  • 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.

  • Discounted Home Value Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <60%
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    5.99 % p.a.
    Initial monthly repayment
    $2,995

    Enjoy competitive rates for owner occupiers. Enjoy unlimited free extra repayments. Flexibility to redraw additional payments for free. No ongoing monthly service fee. Receive $3,288 cashback when you refinance an existing home loan. Minimum loan amount of $250,000, settle within 120 days from applying.

  • Express Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <90%
    Interest rate
    6.09 % p.a.
    Variable
    Comparison rate
    6.22 % p.a.
    Initial monthly repayment
    $3,027
    Go to site

    Get online approval from the award-winning Bendigo Bank Express Home Loan. Multiple offset accounts and redraw available. 100% offset on variable rate loans and partial offset on fixed rate. Flexible repayment options. New home loans only.

  • Mortgage Simplifier

    • LVR<80%
    • Owner Occupier
    • Principal & Interest
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.17 % p.a.
    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

    • Owner Occupier
    • Principal & Interest
    • <80% LVR
    Interest rate
    6.18 % p.a.
    Variable
    Comparison rate
    6.18 % p.a.
    Initial monthly repayment
    $3,056

    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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