Here are the changes the main banks have made to retail interest rates on Friday, May 29, 2026

Here are the changes the main banks have made to retail interest rates on Friday, May 29, 2026, so far.

For home loans:

NAB has increased its one and two year fixed mortgage rates by +15 bps for owner-occupied P&I home loans. For interest-only home lending, they have increased all fixed terms by between +10 bps and +20 bps (although for investors, only for 1 and 2 years).

For savings accounts:

Westpac have made some interesting changes to its "Life - Spend&Save" product, all designed to appeal to a wider audience. While there are no changes to their interest rates for this product, the restrictions are being eased. Previously, only customers aged 18-35yrs qualified. This has been extended to 18-40 yrs.

In addition their previous top limit of $30,000 has been sharply raised to $150,000 for where the bonus interest applies. 

As a reminder, the "Life - Spend&Save" product now has an outstanding 5.75% interest rate up to $150,000, and a middle-pack $5.00% rate for balances over that. So, for example, at a $250,000 deposit, that would net to an average 5.45% pa, still a very competitive rate.

Suncorp has added +5 bps to its Growth Saver account interest rates, taking it to 5.10%.

For term deposits:

Suncorp has added +10 bps to its 4 month TD rate, taking it to 4.90%. And it has added +15 bps to its six month TD rate, taking that to 5.15%.

In addition, Suncorp has changed its "flexiRates". Its 3 month flexiRate has been hiked to 4.60% from 4.00%, but their flexiRates for longer terms have been lowered, some quite sharply. The new 6 month rate is now 3.50%, down from 4.50% previously. Their one year flexiRate has fallen from 2.65% to just 2.00%.