NAB rules out further cash rate cuts this cycle
14 Nov 2025
NAB has revised its cash rate forecast, ruling out any further RBA rate cuts in this cycle. Before today, it predicted one further cut in May 2026.
The move follows on from CBA’s change to its cash rate forecast on 29 October, when the bank said it expected no further RBA cuts, following the sharp rise in the September quarter inflation data.
ANZ still expects the RBA will cut the cash rate once more in February next year, while Westpac expects two further cuts in May and August 2026.
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| Current big four bank cash rate forecasts | |||
|---|---|---|---|
| Bank | Next cut | Total cuts to come in cycle | Cash rate at end of cuts |
| CBA | – | 0 | 3.60% |
| Westpac | May 2026 | 2 | 3.10% |
| NAB | – | 0 | 3.60% |
| ANZ | Feb 2026 | 1 | 3.35% |
Macquarie follows Westpac in hiking fixed rates
Australia’s fifth-largest lender, Macquarie Bank, has today increased some of its fixed home loan rates by up to 0.20 percentage points.
As a result of today’s changes, Macquarie no longer has a fixed rate starting with a ‘4’.
The bank’s lowest fixed rate is now 5.19% for 1- and 2-year terms, however, this offer is only available for borrowers with at least 30% deposit.
The move follows Westpac’s decision yesterday to increase fixed rates by up to 0.35 percentage points.
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| Macquarie’s fixed rate changes | |||
|---|---|---|---|
| Term | Old rate | New rate from | Change % pts |
| 1-year | 5.09% | 5.19% | +0.10% |
| 2-year | 4.99% | 5.19% | +0.20% |
| 3-year | 5.09% | 5.29% | +0.20% |
| 4-year | 5.29% | 5.29% | – |
| 5-year | 5.29% | 5.39% | +0.10% |
Source: Canstar.com.au – 13/11/2025. Notes: based on owner occupied loans with principal and interest repayments. LVR requirements apply.
It’s now up to borrowers to get themselves a good rate
With two of the big four banks now expecting the cash rate to remain on hold at 3.60%, borrowers seeking rate relief should be on the lookout for a competitive rate.
Rate tracking shows:
- 5.52% is the average outstanding variable rate for owner-occupiers.
- 5.08% is the lowest variable rate for owner-occupier refinancers.
- 4.74% is the lowest fixed rate available for both 2- and 3-year terms.
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| Lowest home loan rates on Canstar | ||
|---|---|---|
| Rate type | Lender | Lowest rate from |
| Variable | in1bank | 5.08% |
| 1-year | Pacific Mortgage Group | 4.84% |
| 2-year | Pacific Mortgage Group, Australian Mutual | 4.74% |
| 3-year | Australian Mutual | 4.74% |
| 4-year | Firefighters Mutual, Health Professionals Bank, Teachers Mutual Bank, UniBank, Freedom Lend | 5.24% |
| 5-year | Australian Mutual | 5.19% |
Source: Canstar.com.au – 13/11/2025. Rates based on owner occupier loans. Excludes first home buyer, green only and other special condition loans. LVR requirements apply.
This article was reviewed by our Consumer Editor Meagan Lawrence before it was updated, as part of our fact-checking process.
