NAB announces changes to variable interest rates for home loan and savings customers

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Preston 8 June ,2022(TIE)NAB made adjustments to its home loan and savings programmes today. The normal variable home loan interest rate will rise 0.25 percent to 4.77 percent, while the reward saver bonus interest rate will rise 0.25 percent.
Rachel Slade, NAB Group Executive Personal Banking, said the decision was influenced by the domestic and global environment, including changes in official cash rates.
“At NAB, helping customers navigate change is a top focus. Interest rates have been extremely low for a long time – it’s been 11 years since Australia’s official cash rate has been raised, and we understand that this will be a new experience for some consumers,” Ms Slade said.
“If our consumers’ interests change, we’ll take care of them.”

Many of our clients will be concerned about how any changes may affect them. We’re here to assist you. Customers can find out how to manage changes to their home loan at nab.com.au/personal/home-loans/manage/interest-repayment-changes, including how far ahead they are in repayments, whether there is any redraw available, whether an offset account might help reduce interest payments, how to change their repayments, and how to book an appointment to speak with a banker. In our NAB app, we’ve also made it simple for customers to switch from variable to fixed rates, and we’re seeing hundreds of customers do so every week.” While we have 930,000 home loan clients, our savings and deposit customers, including you, have struggled due to historically low interest rates.

Customers having a reward saver account number in the millions. As interest rates rise again, we want to help them.”
The following are the implications of the reforms announced by the NAB today:
The 0.25 percent increase to a NAB Choice package variable rate of 3.67 percent for NAB owner-occupier clients paying principal and interest on a 30-year $400,000 mortgage will entail an extra $57 per month in repayments.
The bonus rate applied to NAB’s reward saver accounts will increase by 0.25 percent for savings customers.
The new consumer savings and home loan rates from NAB will go into effect on May 13, 2022.

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