Home Mortgage News NAB hikes special offer variable rates

NAB hikes special offer variable rates

Published on 23 May, 2023

The changes follow the recent 25bps increase in line with the RBA’s May rate hike.

NAB made an out-of-cycle hike in variable rates, raising the special rate offer for new occupiers and investors.

The new special offer rates, effective 23 May 2023, are 10bps higher and applies to loans with equal or less than 80% loan-to-value ratio.

Here are the changes:

NAB Loan Product	Advertised Rate	Comparison Rate
Base Variable Rate P&I Special Offer <80%	5.99% p.a.	6.03% p.a.
Investment Base Variable Rate P&I Special Offer <80%	6.34% p.a.	6.38% p.a.
Investment Base Variable Rate IO Special Offer <80%	6.79% p.a.	7.35% p.a.

Earlier this month, NAB raised its standard variable rate by 25bps following the increase in the cash rate. The new rates took effect on 12 May 2023.

NAB also announced recently the end of its cashback offers, the second major bank to do so after CommBank.

According to NAB, new home loans written from 30 June will no longer be eligible for cashback offers.

NAB’s current cashback offer provide up to $2,000 to eligible borrowers who refinance their existing home loan to NAB.

NAB and CommBank were not explicit with their reasons for ending cashback offers but a spokesperson from the latter said the move was just in response to feedback concerning improving the simplicity of loan terms.

Collections: Mortgage News Interest Rates

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