NAB has announced that it is passing on Tuesday’s 0.25-percentage-point Reserve Bank hike in full to its variable mortgage rates – the first of the big four banks to do so.
Starting Nov. 11, NAB’s variable mortgage rates for new and existing customers will increase by 0.25 percentage points. See table below.
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NAB variable rates for owner-occupiers – effective Nov. 11
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|---|---|---|---|
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Old rate
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New rate
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Increase in repayments, $500K
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Lowest variable
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4.49%
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4.74%
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$71
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Discounted variable rate
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6.17%
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6.42%
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$77
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Standard variable rate
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7.02%
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7.27%
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$80
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Note: Repayments are for an owner-occupier paying principal and interest with a $500,000 loan over 25 years. New rates effective 11 November 2022.
“For mortgage customers, NAB’s lowest variable home loan rate will rise to 4.74% once this month’s hike takes effect – that’s more than double what it was at the start of May,” said Sally Tindall, RateCity.com.au research director.
