The following movements are for new customers - existing customers may be affected differently.
NAB home loan movements
On 13 September, NAB made a sweeping array of home loan cuts. Notably its Tailored 2 Year Fixed product for owner occupiers was cut by 35 basis points.
On 28 September, a number of home loans were revised upwards by 15 basis points. Some noteworthy changes included:
- OO Tailored Fixed 2 Years P&I <80%: Now 6.39% p.a. (7.37% p.a. comparison rate*)
- OO Tailored Fixed 4 Years P&I <80%: Now 6.74% p.a. (7.31% p.a. comparison rate*)
- Inv Tailored Fixed 3 Years P&I <80%: Now 6.54% p.a. (7.73% p.a. comparison rate*)
- Inv Tailored Fixed 4 Years P&I <80%: Now 6.79% p.a. (7.69% p.a. comparison rate*)
NAB is the outlier among its major bank peers in that its economists forecast one more RBA rate hike, most likely in November.
Other major bank economists think we're at the peak and the next move will be a cut from mid-to-late 2024.
Other lenders' movements
Elsewhere it was a fairly subdued week for rate movements, with a few smaller lenders making changes:
- loans.com.au increases variable rates by up to 60bps
- Newcastle Permanent decreases both fixed and variable rates by up to 58bps
- Greater Bank decreases both fixed and variable rates by up to 20bps
- Auswide Bank decreases variable rates by up to 20bps
- Credit Union SA decreases fixed rates by up to 20bps
- Bank Australia increases variable rates by up to 10bps
Photo by Bidgee on Wikimedia Commons