NAB cut as much as 65 basis points off the advertised fixed rates on its premium packaged mortgage range on Tuesday morning.

It now offers rates as low as 5.89% p.a. for owner-occupiers making principal and interest repayments.

That's officially the lowest home loan interest rate in the bank's wheelhouse, offered on its Tailored product for those signing onto a three year fixed rate period.

Borrowers taking out a fixed rate Tailored home loan can make up to $20,000 of extra repayments each year without penalty and can choose to split their mortgage interest rate.

NAB's rate cut comes just days after the bank shifted its forecast for the first RBA cash rate cut to February 2025 – previously May 2025.

For those keeping their fingers on the pulse of the market, the big four bank is now the first of its peers to make a second home loan rate cut in 2024, having initially dropped rates on many of the same products in July.

How do NAB's newly cut home loan rates compare to market leaders?

Its new leading rate is now in line with the lowest offered by Westpac, but compares poorly to many offers advertised by smaller Australian lenders.

Currently, the lowest interest rate on offer from any mortgage lender appears to be 4.99% p.a. (6.15% p.a. comparison rate*)  – promised by tiny mutual SWSBank's premium 'special' 3 year fixed rate loan for those borrowing between $800,000 and $2.5 million.

Hot on its heels is investment banking giant Macquarie, with its 5.39% p.a. (5.95% p.a. comparison rate*) three, four, and five year fixed rate unveiled last week.

If you're considering a variable rate, Arab Bank is out in front with a special offer interest rate of 5.75% p.a. (5.88% p.a. comparison rate*) on its Basics Home Loan for those borrowing with a loan-to-value ratio (LVR) of 60% or less.

New NAB home loan rates to owner-occupiers

If you're in the market for a home or you're considering refinancing your owner-occupier mortgage, here are the new interest rates on offer from NAB:

Fixed period LVR Change New rate Comparison rate*
One year ≤70% -40bp 6.29% 6.82%
>70% -40bp 6.34% 7.00%
Two years ≤70% -55bp 6.04% 6.72%
>70% -55bp 6.09% 6.89%
Three years ≤70% -10bp 5.89% 6.62%
>70% -10bp 5.94% 6.77%
Four years ≤70% -50bp 6.24% 6.67%
>70% -50bp 6.29% 6.81%
Five years ≤70% -50bp 6.29% 6.65%
>70% -50bp 6.34% 6.34%

New interest rates on the table for property investors

For those considering purchasing a new investment property or looking to refinance their investment home loan, NAB has made these interest rate changes:

Fixed Period LVR Change New Rate Comparison rate*
One year ≤70% -40bp 6.44% 7.10%
>70% -40bp 6.49% 7.29%
Two years ≤70% -50bp 6.24% 7.00%
>70% -50bp 6.29% 7.17%
Three years ≤70% -65bp 6.09% 6.88%
>70% -65bp 6.14% 7.04%
Four years ≤70% -40bp 6.44% 6.93%
>70% -40bp 6.49% 7.07%
Five years ≤70% -40bp 6.49% 6.91%
>70% -40bp 6.54% 7.04%

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Update resultsUpdate
LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees Max LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsFeaturesLinkComparePromoted ProductDisclosure
6.04% p.a.
6.06% p.a.
$3,011
Principal & Interest
Variable
$0
$530
90%
4.6 STAR CUSTOMER RATINGS
  • Available for purchase or refinance, min10% deposit needed to qualify.
  • No application, ongoing monthly or annual fees.
  • Dedicated loan specialist throughout the loan application.
Disclosure
5.99% p.a.
5.90% p.a.
$2,995
Principal & Interest
Variable
$0
$0
80%
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
Disclosure
6.14% p.a.
6.16% p.a.
$3,043
Principal & Interest
Variable
$0
$350
60%
Disclosure
Important Information and Comparison Rate Warning

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of .

Important Information and Comparison Rate Warning

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