Mozo Money Moves: NAB cuts fixed rates and Australia's Cheapest Credit Cards revealed

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Welcome back to Mozo Money Moves, your Friday financial fix that covers the latest in personal finance and retail banking.

This week, we dive into NAB's 60 bps fixed rate cut, the first adjustment in this space from a Big Four bank since the RBA hiked the cash rate in November 2023.

We also reveal the winners of the 2024 Mozo Experts Choice Awards for Credit Cards, following an extensive review of 199 personal credit cards from 67 Australian financial institutions.

Home Loan Moves

This week started with a significant move by NAB, who cut their 3-year fixed rate home loan by 60 basis points on Monday. This made them the first Big Four bank to shift fixed rate home loans since the RBA hiked the cash rate to 4.35% in November last year. 

For borrowers, that reduction translates to a monthly saving of $186 on a $500k loan, or $2,229 per year, based on a $400,000 loan paying principal and interest over a 25 year loan term.

Impact of NAB 60 bps cut

LVR tier
3 Year Fixed Rate (p.a.)
Comparison Rate* (p.a.)
Previous 3 Year Fixed Rate (p.a.)
Previous Comparison Rate* (p.a.)
60% or less
5.99%
6.64%
6.59%
6.82%
60.01%-70%
5.99%
6.64%
6.59%
6.82%
70.01%-80%
6.04%
6.80%
6.64%
6.97%
80.01% or more
6.04%
6.80%
6.64%
6.97%
source: mozo.com.au, NAB 3 year fixed rate Tailored Home Loan rates for owner occupiers principal and interest. Data accurate as at 22 July 2024

NAB is now offering the leading three-year fixed rate among the Big Four banks, and buyers with a 20% deposit can secure a 3-year fixed rate from a Big Four bank at 6.04% p.a. (6.80% p.a. comparison rate*). For those with a deposit of more than 30%, the rate drops to 5.99% p.a. (6.80% p.a. comparison rate*).

Rachel Wastell, Mozo finance expert, suggested this was a strategic move by NAB, and that the “decision to slash the 3-year fixed rate by 60 basis points suggests they anticipate a significant drop in the cash rate over the next few years.”

“The aggressive rate cut by NAB could be a response to ANZ’s acquisition of Suncorp,” said Wastell. “It’s a clear bid to lure customers by betting on future cash rate reductions."

For borrowers seeking the security of a Big Four bank and the predictability of a fixed rate home loan, NAB’s rate cut could be a game-changer. With rates as low as 5.99% p.a. for larger deposits, this move may provide significant savings for borrowers when compared to 3 year fixed rates on offer from other major banks.

However, Wastell advised borrowers considering longer-term fixed rates to be cautious. 

"When the cash rate eventually drops, those on fixed rates might end up paying more than those on variable rates. Remember, banks are experts at predicting cash rate movements, so locking in a rate is essentially a bet against the house."

Big Four Fixed Rate Home Loans (3 Year)

Major Bank
Home Loan
Home Loan Deposit Amount
3 Year Fixed Rate (p.a.)
Comparison Rate* (p.a.)
NAB
Tailored Home Loan
30%
5.99%
6.64%
NAB
Tailored Home Loan
20%
6.04%
6.80%
ANZ
Fixed Rate
20%
6.59%
7.05%
Commonwealth Bank
Fixed Rate (Wealth Package)
5%
6.59%
8.00%
Westpac
Fixed Options Home Loan (Premier Advantage Package)
30%
6.59%
7.45%
ANZ
Fixed Rate
10%
6.64%
7.21%
Westpac
Fixed Options Home Loan (Premier Advantage Package)
20%
6.69%
7.55%
Commonwealth Bank
Fixed Rate
5%
6.74%
8.31%
Westpac
Fixed Options Home Loan
5%
6.89%
8.36%
source: mozo.com.au, Big 4 Bank 3 year fixed rate home loans for owner occupiers principal and interest. Data accurate as at 22 July 2024

*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.

Home loan insights

Australia’s Best Credit Cards

This week, Mozo also announced the winners of the Mozo Experts Choice Awards for Credit Cards 2024, established to help Australians navigate the complexities of credit cards by spotlighting those delivering the best value and benefits.

“The Mozo Experts Choice Awards play a crucial role in helping Australians navigate the complex landscape of credit cards,” said Peter Marshall, Mozo Experts Choice Awards Judge 

Credit Card Provider of the Year

This year's standout was Bankwest, named Credit Card Provider of the Year due to its exceptional performance across various categories. Bankwest's commitment to offering competitive rates, low fees, and valuable features has set them apart from the competition. 

“Bankwest’s commitment to offering competitive rates, low fees, and valuable features has set them apart from the competition,” said Marshall. “With a comprehensive range of cards catering to a number of consumer needs, Bankwest is a top choice both in regard to affordability and generous benefits.”

The Breeze Classic Mastercard won the Low Rate Credit Card category, the Zero Mastercard was awarded the No Annual Fee Credit Card, and the Breeze Platinum Mastercard took home the Balance Transfer Credit Card accolade.

Travel Credit Card Provider of the Year

Bankwest also excelled in the travel credit card segment, being named Travel Credit Card Provider of the Year. With features like zero foreign exchange fees and comprehensive travel insurance, Bankwest provides exceptional value for Australians travelling abroad. 

The Breeze Platinum Mastercard was recognized as the Best Low Rate Travel Credit Card, while the More World Mastercard and Qantas World Mastercard were awarded Best Rewards Travel Credit Card and Best Qantas Frequent Flyer Credit Card, respectively.

Rewards Credit Card Provider of the Year

American Express continued to dominate the rewards credit card market this year, named Rewards Credit Card Provider of the Year for consistently delivering outstanding benefits and exceptional rewards programs. 

“American Express has been the market leader in the field of rewards credit cards for years now,” says Marshall. “They’ve consistently delivered outstanding benefits, and their cards continue to set the benchmark, with exceptional rewards programs for Aussies who want to get the most out of their spending.”

The Qantas Discovery Card was awarded Best Rewards Travel Credit Card and Best Qantas Frequent Flyer Credit Card, while the Velocity Escape Card was recognized as the Best Velocity Frequent Flyer Credit Card.

Find out more about how Mozo experts determined the best credit cards, and the full winners list here.

Credit Card insights


As a part of Mozo’s commitment to making your money count for more, each month we “roundup” the rate changes, key banking trends and money moves in the Australian personal finance market. 

If you’d like to see the analysis in full once it’s released, you can subscribe to receive the Mozo Banking RoundUp here.


Disclaimer: 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. Target Market Determinations can be found on the provider's website. 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. 


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.