NAB, IMB, and Regional Australia Bank among those slashing mortgage rates

Headlining this week's rate movements was big four bank NAB. 

The giant was one of those reconsidering its forecast for the first RBA cut in the wake of last week's Consumer Price Index (CPI) figures, which showed inflation falling faster than expected.

NAB announced it was reviewing its previous prediction of a May cut shortly after the release from the Australian Bureau of Statistics (ABS), before locking its current expectations in the following day.

Soon after, the bank slashed many products in its fixed rate lineup. 

Meanwhile, a Your Mortgage survey of more than 1,000 borrowers found that 40% didn’t know their current interest rate – potentially leaving them unprepared to take advantage of future rate changes.

Those who did know their rate were more likely to aware of their refinancing options and to have made proactive changes in response to rising interest rates.

Learn more: Your Mortgage's Home Loan Hindsight research report

Here are the banks and lenders that made home loan rate movements this week:

NAB dropped fixed rates by up to 30bp

As mentioned above, the banking monolith cut fixed rates by as much as 30 basis points this week, revealing new rates as low as 5.84% p.a.

That rate is available to eligible owner-occupiers making principal and interest (P&I) repayments who have loan-to-value ratios (LVRs) of 80% or less and lock in their rate for three years.

And investors weren't left out of the action, with the bank dropping fixed rates on investment home loans to as low as 5.99% p.a.

Check out our previous coverage of NAB's fixed rate cuts here.

Regional Australia Bank shakes up mortgage rates by up to 57bp

Customer-owned Regional Australia Bank (which is in the midst of a merger with peer Summerland Bank, which cut rates last week) also cut many of its variable home loan rates.

Though, it wasn't all cuts. The bank also lifted rates on some of its fixed products while cutting those on others.

The bank's fixed rates now start at 5.60% p.a. for select borrowers agreeing to three year fixed rate periods.

Meanwhile, its advertised variable rates now start at 5.92%, with changes for owner-occupiers including:

	LVR	New rate	Comp rate*
Without offset account	<60%	5.92% (-7bp)	5.93%
	60-70%	5.93% (-11bp)	5.94%
	70-80%	5.99% (-10bp)	6.00%
	80-90%	6.31% (-16bp)	6.32%
	>90%	6.73% (-16bp)	6.74%
With offset  account	<60%	6.06% (-14bp)	6.07%
	60-70%	6.14% (-11bp)	6.15%
	70-80%	6.20% (-10bp)	6.21%
	80-90%	6.52% (-16bp)	6.53%
	>90%	6.94% (-16bp)	6.95%

IMB drops rates for high LVR borrowers by up to 30bp

IMB cut variable rates for the second consecutive week, this time reducing rates by up to 30 basis points for owner-occupiers with LVRs above 90%.

The new rates offered to those making principal and interest repayments include:

Product	New rate	Comp rate*
Budget Home Loan	6.64% (-20bp)	6.70%
Essentials Home Loan	6.64% (-30bp)	6.75%

Other movers

• Heritage Bank and People's Choice each cut variable rates by 10 basis points
• Auswide Bank raised rates on its variable rate Freedom Package product by 10 basis points

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