On Wednesday NAB increased a handful of fixed rate loans for owner occupiers by up to 30 basis points.
The changes include packaged and non-packaged home loans for owner occupiers, paying principal & interest (P&I):
- Tailored Fixed 3 Years: Up 10 basis points to 2.28% p.a. (4.07% p.a. comparison rate*)
- Tailored Fixed 4 Years: Up 25 basis points to 2.59% p.a. (4.01% p.a. comparison rate*)
- Tailored Fixed 5 Years: Up 30 basis points to 2.89% p.a. (3.99% p.a. comparison rate*)
- Choice Package 3 Years: Up 10 basis points to 2.18% p.a. (3.88% p.a. comparison rate*)
- Choice Package 4 Years: Up 25 basis points to 2.49% p.a. (3.85% p.a. comparison rate*)
- Choice Package 5 Years: Up 30 basis points to 2.79% p.a. (3.87% p.a. comparison rate*)
These rates apply to new lending with a maximum loan-to-value ratio of 95%.
Previously, the three and four-year packaged loans were some of the first of the big four banks' to be cut below the 2% threshold.
This also comes after the prudential regulator mandated banks cut their reliance on the 'Committed Liquidity Facility' (CLF) by the end of 2022.
The CLF is a Reserve Bank-led facility that provides funds in periods of liquidity stress.
NAB reportedly has $31 billion in 'fallback' funds in the CLF.
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.
Photo by Michael Longmire on Unsplash