NAB was the first of the big four banks to slash its fixed home loan rates in late July and on Monday, announced another round of cuts by up to 65 basis points.

Its new headline rate is 5.89% p.a. (6.62% p.a.) on a Tailored Fixed Rate home loan for owner occupiers making principal and interest (P&I) repayments for ≤60-70% loan-to-value ratio (LVR) locked in for three years.

NAB's fixed home loans come with no application fees but an $8 monthly service fee.

Australia's third-largest home lender has cut fixed rates across the board for owner occupier and investor Tailored fixed home loans, for both P&I and interest only payment schedules.

Here's a selection of some of the new rates for owner occupiers making P&I repayments:

Fixed term/ LVR Rate change (%) New rate Comparison rate*
One year 70-80% -0.40 6.34% p.a. 7.00% p.a.
Two year 70-80% -0.55 6.09% p.a. 6.89% p.a.
Three year 70-80% -0.10 5.94% p.a. 6.77% p.a.
Four year 70-80% -0.50 6.29% p.a. 6.81% p.a.
Five year 70-80% -0.50 6.34% p.a. 6.79% p.a.
One year 60-70% -0.40 6.29% p.a. 6.82% p.a.
Two year 60-70% -0.55 6.04% p.a. 6.72% p.a.
Three year 60-70% -0.10 5.89% p.a. 6.62% p.a.
Four year 60-70% -0.50 6.24% p.a. 6.67% p.a.
Five year 60-70% -0.50 6.29% p.a. 6.65% p.a.

Fixed rates continue to plummet

Fixed rate home loans have continued to plunge across the market since July, fuelled by falling interest rates on global wholesale funds markets.

Although the Reserve Bank of Australia has not lowered the Australian cash rate since November 2020, many other developed economies have begun their cutting cycles.

This has pushed bank funding costs lower, effectively giving lenders access to cheaper funds on international markets.

So far, lenders have largely chosen to pass this on to consumers through their fixed rate products with interest rates plunging across the market.

Variable home loan rates have shown far less movement over the past few months.

Analysts are not expecting widespread cutting of variable rates until the RBA cuts the cash rate, widely forecast to take place in February 2025.

That's the tip of NAB economists, along with their Westpac and ANZ counterparts, although CommBank remains the outlier among the big four, predicting the first cut to the cash rate in December.

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Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.

Update resultsUpdate
Filters
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, min 10% deposit needed to qualify.
  • No application, ongoing monthly or annual fees.
  • Quick and easy online application process.
Disclosure
5.99% p.a.
5.90% p.a.
$2,995
Principal & Interest
Variable
$0
$0
80%
Apply in minutes
  • No application or ongoing fees. Annual rate discount
  • Unlimited redraws & additional repayments. LVR <80%
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
 Disclosure
6.09% p.a.
6.11% p.a.
$3,027
Principal & Interest
Variable
$0
$250
60%
  • No annual fees – None!
  • Get fast pre-approval
  • Unlimited additional repayments free of charge
 Disclosure
5.69% p.a.
6.16% p.a.
$2,899
Principal & Interest
Fixed
$0
$530
90%
  • Available for purchase or refinance, min 10% deposit needed to qualify.
  • No application, ongoing monthly or annual fees.
  • Flexibility to split your loan with both fixed and variable rates
 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 . View disclaimer.

Important Information and Comparison Rate Warning

Image by Blake Wheeler on Unsplash



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