NAB raises fixed home loan rates, Macquarie cuts variable

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on May 12, 2021
NAB raises fixed home loan rates, Macquarie cuts variable

This morning two major lenders made some changes to home loans, with NAB raising fixed home loans and Macquarie cutting variable home loan rates.

NAB increased interest rates on four owner occupier home loans: two packaged loans and two non-packaged loans.

These rate increases apply to: 

  • Tailored Fixed P&I 4 Years: 21 basis point rise to 2.29% p.a. (3.91% p.a. comparison rate*)
  • Tailored Fixed P&I 5 Years: 25 basis point rise to 2.59% p.a. (3.88% p.a. comparison rate*)
  • Choice Package P&I 4 Years: 21 basis point rise to 2.19% p.a. (3.76% p.a. comparison rate*)
  • Choice Package P&I 5 Years: 25 basis point rise to 2.49% p.a. (3.76% p.a. comparison rate*)

The Choice Package 4 year loan is now out of the sub-2% range, after becoming one of the first of the big four banks' loans to be cut below that threshold after the Reserve Bank's November 2020 cash rate cut.


Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.

Lender

Variable
More details
  • Min 30% deposit
  • No monthly or ongoing fees, add 0.10% for offset
  • Unlimited redraws

Variable Home Loan (LVR < 70%)

  • Min 30% deposit
  • No monthly or ongoing fees, add 0.10% for offset
  • Unlimited redraws
Variable
More details
REFINANCE ONLY
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
REFINANCE ONLY

Variable Rate Home Loan – Refinance Only

  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
Variable
More details
AN EASY DIGITAL APPLICATION
  • No ongoing fees - None!
  • Unlimited additional repayments
  • Easy online application, find out if you're approved quick!
  • Redraw- Access your additional payments if you need them
  • Use the app to get loan insights to help you pay off your home loan faster
AN EASY DIGITAL APPLICATION

Neat Variable Home Loan (Principal and Interest) (LVR < 60%)

  • No ongoing fees - None!
  • Unlimited additional repayments
  • Easy online application, find out if you're approved quick!
  • Redraw- Access your additional payments if you need them
  • Use the app to get loan insights to help you pay off your home loan faster
Variable
More details
NO ONGOING FEES
  • No ongoing fees - None!
  • Unlimited additional repayments
  • Easy online application, find out if you're approved quick!
  • Redraw- Access your additional payments if you need them
  • Use the app to get loan insights to help you pay off your home loan faster
NO ONGOING FEES

Yard PAYG Home Loan (Principal and Interest) LVR ≤ 80%

  • No ongoing fees - None!
  • Unlimited additional repayments
  • Easy online application, find out if you're approved quick!
  • Redraw- Access your additional payments if you need them
  • Use the app to get loan insights to help you pay off your home loan faster

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. All products will list the LVR with the product and rate which are clearly published on the Product Provider’s web site. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of August 20, 2022. View disclaimer.

Meanwhile, Macquarie cut a few variable home loans for owner occupiers and investors by up to 20 basis points:

  • Variable OO P&I 60% LVR: 15 basis point cut to 2.34% p.a. (2.34% p.a. comparison rate*)
  • Variable OO P&I 70% LVR: 15 basis point cut to 2.39% p.a. (2.39% p.a. comparison rate*)
  • Variable Investor P&I 60% & 70% LVR: 20 basis point cut to 2.49% p.a. (2.49% p.a. comparison rate*)

In a note to brokers, Macquarie also said it raised interest rates on four and five-year fixed mortgages.

"We hope these great new rates and our industry-leading processing times lead to more opportunities and conversations with your clients," the note said.

Macquarie's current time to assessment is one day.

These changes follow on from lender Tic:Toc's cuts to variable loans and increases to fixed loans yesterday, with WestpacAussieUBank, and Citi increasing rates, too, in recent weeks.

Also this week: UBank removes LMI for 15% deposits, Athena cuts variable rates


Photo by Susan Q Yin on Unsplash



Disclaimers

The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered. Some providers' products may not be available in all states. To be considered, the product and rate must be clearly published on the product provider's web site. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au, and Performance Drive are part of the Savings Media group. In the interests of full disclosure, the Savings Media Group are associated with the Firstmac Group. To read about how Savings Media Group manages potential conflicts of interest, along with how we get paid, please visit the web site links at the bottom of this page.

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Harrison is Savings.com.au's Assistant Editor. Prior to joining Savings in January 2020, he worked for some of Australia's largest comparison sites and media organisations. With a keen interest in the economy, housing policy, and personal finance, Harrison strives to deliver and edit news and guides that are engaging, thought-provoking, and simple to read.

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