Pre-COVID baseline
NAB's cheapest variable entered 2020 at 3.09%. RBA cash rate was 0.75%. Margin above cash: 2.34%. That margin held remarkably steady through the decade prior — NAB is not a price-leader in normal conditions.
NAB Home Loans: Six Years of Rate History and What It Reveals
Every Big 4 bank moves rates. NAB is the most predictable of the four — their pricing tracks the RBA cash rate more tightly than CBA, Westpac or ANZ, which makes their back-book behaviour more forecastable. Here's the six-year story, plus where NAB's April 2026 offering actually sits for a new borrower.
Richard Esteb, Licensed Broker (Credit Rep #574071) · Published 16 April 2026 · Rate history from our NAB product archive
NAB CHEAPEST VARIABLE RATE · MONTHLY SNAPSHOT 2020–2026
The NAB rate rollercoaster
Cheapest advertised OO P&I variable rate, sub-80% LVR, broker channel. Shaded area = RBA cash rate for context.
Source: Esteb & Co NAB product archive, RBA cash rate records · April 2026
The story in chronological order
Major NAB rate moves between 2020 and April 2026. Each represents an actual policy shift, not a promotional flash sale.
Jan 2020
3.09%
Nov 2020
2.29%
COVID emergency cuts — NAB passes through in full
RBA moved to 0.10% cash rate. NAB cut their cheapest variable to 2.29% within weeks. A feature of NAB's pricing culture: they pass through RBA cuts quickly (within 2-4 weeks), faster than Westpac or CBA typically move.
May 2021
1.99%
Historic low
NAB's cheapest variable hit 1.99% — the lowest cheapest-variable rate NAB has ever published. Part of the competitive war for market share during the property boom. In hindsight the lowest customer-acquisition window of the decade.
May 2022
2.19%
First RBA hike — NAB moves second
RBA lifted cash rate from 0.10% to 0.35% — the first hike since 2010. NAB was the second Big 4 to pass through (Westpac first, ANZ and CBA 24-48 hours later). Behavioural pattern that has held through the whole hiking cycle: NAB never leads on hikes but never lags either.
Dec 2022
5.19%
End of the cheap-money era
RBA at 3.10%. NAB variable at 5.19% — a 3.20% rise in 7 months. This is the point where NAB's refinance volume dropped ~35% as existing borrowers discovered they couldn't requalify on new lending standards at the higher assessment rate (3% buffer + new actual rate = assessment rate approaching 8-9%).
Dec 2023
7.19%
Cycle peak — NAB cheapest variable hits 7.19%
RBA hit 4.35%. NAB's cheapest variable reached its recent peak at 7.19%. Customers still on NAB loans who had renewed pre-2022 were largely on fixed rates expiring into this environment — the "fixed rate cliff" that dominated financial press coverage through 2023-24.
Dec 2024
6.49%
First real easing — 70bps off the peak
RBA held at 4.35%, but NAB cut its cheapest variable by 70bps anyway — market pressure from non-banks and mutuals that had been pricing more aggressively throughout 2024. Marked the beginning of NAB's competitive repositioning.
Mar 2025
6.19%
RBA cut 25bps — NAB passes through fully
RBA moved to 4.10%. NAB passed through the full 25bps cut to its cheapest variable tier within 10 days — one of the faster pass-throughs of the cycle. Behavioural consistency: NAB moves fast on cuts when competitive pressure exists.
Apr 2026
5.97%
Today — cheapest Big 4 average rate (but not cheapest headline)
NAB's cheapest variable is 5.97%, second to ANZ's 5.78% among the Big 4. What makes NAB's current position interesting: their average product rate of 6.85% is the lowest Big 4 average, 0.15% below CBA. Meaning NAB's "middle of the range" customer is paying less than CBA's, ANZ's or Westpac's equivalent.
What the six-year pattern tells a borrower today
Three observations that actually matter when deciding whether NAB is your bank.
1. NAB passes through rate cuts quickly but not aggressively. Across the 14 material rate moves we've tracked since 2020, NAB's pass-through speed averages 10-14 days — faster than Westpac (2-3 weeks) but rarely ahead of ANZ (which sometimes leads by 24-48 hours). If RBA cuts in May 2026, expect NAB to move by late May. Existing NAB borrowers can count on passing-through; don't expect a surprise retention discount.
2. NAB's rate card is most predictable of the Big 4. Their cheapest variable has tracked cash rate + 1.85-1.95% margin with remarkable consistency. CBA and Westpac are both more volatile (occasionally lead on cuts, occasionally lag on hikes). For borrowers who value "the rate card tomorrow will be similar to today", NAB is the surest bet.
3. The back-book tax is real. Customers who took NAB in 2021 at 1.99% and have not requested a rate review since are probably on 6.50-6.90% variable today, with no automatic adjustment. NAB does not proactively move existing customers to new-customer pricing. Requesting a rate review with a quote from a competitor is a near-100% hit rate on getting a 0.15-0.30% discount.
NAB policy snapshot — April 2026
Current credit policy, rate and process numbers from our lender panel.
Cheapest var.
5.97%
OO P&I <60% LVR
Avg var. rate
6.85%
Lowest Big 4 avg
Cheapest 3yr fix
6.19%
Lowest Big 4 fixed
Max OO LVR
95%
With LMI
Max inv. LVR
90%
Stricter than CBA/ANZ
DTI cap
7.0x
Big 4 standard
Assessment rate
8.99%
Tied with CBA
Turnaround
7 days
Fastest Big 4
Products
128
Tightest Big 4 range
The NAB sweet spot: Borrowers who value consistency, speed, and lowest-average-cost across the full product range. The 7-day broker turnaround is the fastest of any Big 4 — critical for tight-settlement contracts. The 6.85% average rate (lowest Big 4 average) means customers who don't obsessively optimise still get a decent deal. Construction borrowers get 6 progress draws (more than any Big 4 peer). First home buyers get FHBG access through a fast lane.
Where NAB falls short: Not the cheapest headline rate (ANZ is). Not the best for 95% LVR investment (ANZ or CBA). Not the best for app UX (CBA leads). Not the best for bonus-heavy income profiles (ANZ). If any one of those is your priority, NAB isn't the pick.
Get a rate-match quote against NAB's back-book
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What is NAB's cheapest home loan rate in April 2026?
5.97% variable on the Choice Package for OO P&I below 60% LVR, through the broker channel. NAB's Tailored Home Loan product can price down to 5.89% for specific borrower profiles (package plus wealth overlays).
How has NAB's rate changed over time?
NAB has moved its cheapest variable rate approximately 14 times since 2020, tracking the RBA cash rate almost 1:1. Low: 1.99% in May 2021. Peak: 7.19% in December 2023. April 2026: 5.97%.
Does NAB automatically reduce rates for existing customers when the RBA cuts?
Yes, NAB passes through RBA cuts to its cheapest variable tier typically within 10-14 days. However, existing customers on older product variants or discounted margins may not receive the full pass-through automatically — a rate review with a competitor quote usually unlocks the back-book discount.
Is NAB the fastest Big 4 for approval?
Yes. At 7 business days submission-to-unconditional, NAB is the fastest of the Big 4 on broker-channel settlements in Q1 2026 data. Westpac 8 days, CBA 9 days, ANZ 10 days.
Does NAB have a good deal for first home buyers?
Solid rather than exceptional. NAB is a FHBG lender with a fast process. Their assessment rate (8.99%) is tied-highest with CBA, which hurts borrowing capacity for tight-servicing FHBs — Westpac or ANZ would usually qualify a given FHB for $20K-$30K more on the same income.
Richard Esteb
Licensed Mortgage Broker & Founder
ASIC Credit Rep #574071 · ACN 681 636 056
I've tracked NAB's rate card month-by-month since 2020. This timeline is refreshed whenever NAB makes a material rate move — last updated 16 April 2026. Next scheduled review: post any RBA decision.