Wednesday's rate hikes apply to both owner occupier and investment home loans fixed between one and five years.
This marks only the second fixed rate hike of the year for NAB, while ANZ pushed fixed-rates north twice in February alone.
NAB's Choice Package principal and interest (P&I) and interest-only (IO) loans over five-years saw the greatest increase of 50 basis points.
For an annual fee of $395, NAB's ‘Choice Package’ provides customers a discount off the ‘indicator’ rate for the life of the loan, while also discounting premiums on various insurance products, and margin loans.
Noteworthy increases across NAB's fixed home loan portfolio include:
- Choice Package Tailored Fixed - P&I 5 Years 150k+ 95%: 50 basis point increase to 4.19% p.a. (4.43% p.a. comparison rate*)
- Choice Package Tailored Fixed - IO 5 Years 150k+ 95%: 30 basis point increase to 4.49% p.a. (4.51% p.a. comparison rate*)
- Choice Package Investor Tailored Fixed - P&I 5 Years 150k+ 90%: 50 basis point increase to 4.34% p.a. (4.84% p.a. comparison rate*)
- Choice Package Investor Tailored Fixed - IO 5 Years 150k+ 90%: 50 basis point increase to 4.44% p.a. (4.84% p.a. comparison rate*)
- Tailored Fixed - P&I 3 Years 95%: 25 basis point increase to 3.69% p.a. (4.43% p.a. comparison rate*)
- Tailored Fixed - P&I 5 Years 95%: 50 basis point increase to 4.29% p.a. (4.56% p.a. comparison rate*)
NAB owned digital-banks 86 400 and UBank both lifted fixed home loan rates last week by up to 35 basis points.
Recently, ABS data revealed the average loan size for owner-occupier dwellings now sits at a national level of $619,000, marking an increase of $17,000 or 2.8% from December 2021.
The owned occupied five-year Tailored Fixed home loan is 195 basis points (1.95%) higher than it was a year ago.
Using this average home loan size across a 30-year term, 195 basis points' difference results in $665 in extra interest paid per month.
On Tuesday NAB economists forecast an RBA cash rate of 0.75% by end-2022.
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 | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | Max LVR | Lump Sum Repayment | Additional Repayments | Split Loan Option | Tags | Features | Link | Compare | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
5.69% p.a. | 6.16% p.a. | $2,319 | Principal & Interest | Fixed | $0 | $530 | 90% | Featured |
| Disclosure | |||||||||
5.99% p.a. | 5.90% p.a. | $2,396 | Principal & Interest | Variable | $0 | $0 | 80% | Featured Apply in minutes |
| Disclosure | |||||||||
6.09% p.a. | 6.11% p.a. | $2,421 | Principal & Interest | Variable | $0 | $250 | 60% | Featured |
| Disclosure |
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