Borrow
Big 4 bank drops rates
One of Australia’s big four banks has announced cuts to its variable home loan rates, taking the bank’s basic variable rate to its “lowest level on record”.
Big 4 bank drops rates
One of Australia’s big four banks has announced cuts to its variable home loan rates, taking the bank’s basic variable rate to its “lowest level on record”.

The National Australia Bank has announced that it dropped the variable rate across owner-occupied and investment mortgages.
In a statement following the announcement, a spokesperson noted that the changes take the bank’s basic variable rate to its “lowest level on record”.
“We are excited to further strengthen our competitive home loan offering, with these changes showing our ongoing commitment to support customers’ home ownership goals,” a NAB spokesperson said.
Financial expert for Canstar Steve Mickenbecker believes the larger banks are starting to feel the pinch, leading to new customers winning from lower rates.

“It’s not just the small players who are being competitive – it’s the big four as well,” Mr Mickenbecker said.
The bank announced that it will give up front cash payments of $2,000 for new customers and $4,000 for refinances to NAB as a way to attract new business.
“The latest cuts made by NAB are further evidence of the competitiveness of the home loan market at the moment. We’re seeing all-time low rates, and this cut puts NAB’s base variable rate for owner-occupiers in the lowest price quarter of loans,” Mr Mickenbecker explained.
For owner-occupiers:
- Loans with an LVR of 80 per cent or less have been reduced by 11 bps and now start from 3.09 per cent
- Loans with an LVR of more than 80 per cent have been reduced by 11 bps and now start from 3.29 per cent
Meanwhile, for investors:
- Loans with an LVR of 80 per cent or less have been reduced by 11 bps and now start from 3.39 per cent
- Loans with an LVR of more than 80 per cent have been reduced by 11 bps and now start from 3.59 per cent
Nestegg reader's also consider on New ANZ rate on home equity loan.
About the author

About the author


Loans
Navigating the Australian student loan landscape: Options for financing your education
Securing financing for post-secondary education is a significant step for many Australians, offering a pathway to advancing career prospects and achieving personal growth. Read more

Loans
Secured vs. unsecured personal loans: Which is right for you?
When considering a personal loan in Australia, one of the first decisions you'll face is whether to opt for a secured or an unsecured loan. Each type has distinct advantages and drawbacks, and the ...Read more

Loans
Weighing up interest-only home loans: What Australian borrowers need to know
Interest-only home loans have become a topic of considerable interest among Australian borrowers, offering a unique approach to home financing. This type of loan allows borrowers to pay only the ...Read more

Loans
Bridging loans demystified: Navigating your next property purchase in Australia
Navigating the property market can be daunting, especially when timing issues arise between selling your current home and purchasing a new one. Bridging loans offers a solution, providing the ...Read more

Loans
Ultimate guide to green loans: Financing sustainable home projects in Australia
As Australians become increasingly conscious of their environmental impact, many are turning to sustainable home improvements to reduce their carbon footprint and enhance energy efficiencyRead more

Loans
CBA launches digital home loan with 10-minute application
According to the bank, Unloan will provide a single low-cost interest rate to borrowers with an application time of as little as ten minutes. Read more

Loans
Are central banks weighing the economic pain of rate hikes?
The hype around interest rate hikes usually centres around the urgent and fundamental need to alleviate the consequences of inflation – but does this monetary policy do more harm than good? Read more

Loans
As rates begin to rise, how much more will new borrowers pay?
Mortgage holders could be asked to pay over $1,000 more per month due to rising interest rates. Read more

Loans
Navigating the Australian student loan landscape: Options for financing your education
Securing financing for post-secondary education is a significant step for many Australians, offering a pathway to advancing career prospects and achieving personal growth. Read more

Loans
Secured vs. unsecured personal loans: Which is right for you?
When considering a personal loan in Australia, one of the first decisions you'll face is whether to opt for a secured or an unsecured loan. Each type has distinct advantages and drawbacks, and the ...Read more

Loans
Weighing up interest-only home loans: What Australian borrowers need to know
Interest-only home loans have become a topic of considerable interest among Australian borrowers, offering a unique approach to home financing. This type of loan allows borrowers to pay only the ...Read more

Loans
Bridging loans demystified: Navigating your next property purchase in Australia
Navigating the property market can be daunting, especially when timing issues arise between selling your current home and purchasing a new one. Bridging loans offers a solution, providing the ...Read more

Loans
Ultimate guide to green loans: Financing sustainable home projects in Australia
As Australians become increasingly conscious of their environmental impact, many are turning to sustainable home improvements to reduce their carbon footprint and enhance energy efficiencyRead more

Loans
CBA launches digital home loan with 10-minute application
According to the bank, Unloan will provide a single low-cost interest rate to borrowers with an application time of as little as ten minutes. Read more

Loans
Are central banks weighing the economic pain of rate hikes?
The hype around interest rate hikes usually centres around the urgent and fundamental need to alleviate the consequences of inflation – but does this monetary policy do more harm than good? Read more

Loans
As rates begin to rise, how much more will new borrowers pay?
Mortgage holders could be asked to pay over $1,000 more per month due to rising interest rates. Read more