NAB’s reported home loan rate change means affected borrowers should check their new repayment amount, not just the headline rate. The main impact is usually on variable-rate loans, while fixed-rate borrowers are generally insulated until their fixed term ends unless they are applying for a new fixed loan. Compare the advertised rate with the comparison rate, and confirm the current terms with NAB, a licensed lender or a mortgage broker before acting.

What changed?

News.com.au reported that NAB increased its standard variable home loan interest rate by 0.25 percentage points from 13 February 2026 after the Reserve Bank of Australia lifted the cash rate by 0.25 percentage points (News.com.au, 2026). The RBA publishes the official cash rate target, which is a key benchmark influencing variable mortgage pricing across Australia (RBA, 2026).

A 0.25 percentage point change sounds small, but it can be meaningful on a large mortgage. On a A$600,000 principal and interest loan, the monthly repayment impact can be material, depending on the remaining term, current rate, fees and loan structure. As of June 2026, rates change frequently, verify current terms with a licensed lender or broker before deciding.

Who is most affected?

Variable-rate borrowers are usually affected first because lenders can change the interest rate during the life of the loan. If your loan is with NAB and your rate changes, your lender should tell you the new rate, the effective date and whether your required repayments will change.

Fixed-rate borrowers are different. If your rate is fixed, the rate on that fixed portion generally stays the same until the fixed period ends. However, new fixed-rate applicants, borrowers splitting a loan, or borrowers rolling off a fixed rate may face the lender’s current pricing at the time they apply or refix.

Split-loan borrowers should check both parts of the loan. The variable split may move with the announced change, while the fixed split may not.

What should borrowers check now?

Start with your repayment notice or online banking. Look for the new interest rate, repayment amount, loan term and whether your repayment frequency has changed. If you have an offset account or redraw facility, check whether your extra repayments or offset balance are still reducing interest as expected.

Read also: RBA June 2026 Board Meeting: Post-Decision Home Loan Strategy for Australian Borrowers

Then compare your current loan against other offers using the comparison rate, not just the advertised rate. According to ASIC MoneySmart, the comparison rate includes the interest rate plus most fees and charges, which can make it easier to compare home loans on a more realistic basis (ASIC MoneySmart, 2026).

If you are considering switching lenders, include discharge fees, application fees, valuation costs, any cashback offer conditions and possible break costs if part of your loan is fixed. Finder’s home loan comparison guide is one consumer source that shows how rates and product features can differ across lenders (Finder, 2026).

Should you refinance because NAB changed rates?

Not automatically. Refinancing can reduce repayments if you qualify for a sharper rate, but the saving needs to exceed the switching costs and the effort involved. Your loan-to-value ratio, income, expenses, credit history and serviceability assessment will matter. If your property value has fallen or your LVR is above 80 per cent, lenders mortgage insurance may also affect the numbers.

A practical approach is to ask NAB for a rate review first, then compare at least a few external options. If the gap is meaningful after fees, refinancing may be worth exploring. If the saving is small, an offset account, extra repayments or a shorter review cycle may be more useful.

Key risks to avoid

Do not compare only the headline rate. Do not assume a cashback offer is better than a lower ongoing rate. Do not break a fixed loan without asking for a written break cost estimate. Also remember that stamp duty concessions, grants and eligibility rules differ by state and territory, so a home loan decision can interact with broader purchase costs.

General advice warning

This information is general in nature only and does not consider your objectives, financial situation or needs. It is not personalised financial, lending, tax or legal advice. Consider obtaining personal advice from a licensed professional before acting, and confirm current rates, fees, eligibility and loan terms with a licensed lender or mortgage broker.