Roughly 90 minutes after the Reserve Bank increased the cash rate by 25 basis points to 2.85%, NAB announced it would do the same to its variable home loan rates on 11 November.
For example, its current offer for owner occupiers with at most an 80% loan-to-value ratio (LVR) is 4.49% p.a. (4.53% p.a. comparison rate*).
This advertised rate is expected to climb to 4.74% p.a. from Friday next week.
On the other side of the coin, NAB said its deposit products are "continually under review" while neglecting to make any concrete changes or announcements.
NAB personal banking executive Rachel Slade said it's a tough time for mortgage holders.
"Regardless of who you bank with, I encourage people to speak to their bank early if they are concerned. The results speak for themselves - when a customer gets in touch with NAB Assist at the early stages of their concerns about their finances, we're able to get 90% back on their feet within 90 days," Ms Slade said.
UBank moves savings rates
NAB-owned ubank announced it would move its savings account rate up by 25 basis points to 3.85% p.a.
However, the new rate won't take effect until 1 December - just five days before the RBA Board's next meeting, of which it's expected to increase the cash rate by 25 basis points again.
UBank's new rate consists of a 0.10% base rate and a 3.75% bonus rate - to attain the bonus, customers must deposit $200 per month into any ubank account.
This applies up to a maximum balance of $250,000.
At the time of writing, no other banks or lenders have made any announcements.
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