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%.
This marks at least the third time in 2021 NAB has increased fixed mortgage rates, after it did so back in May and June.
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.
Experts have said this is because of a hangover from the Reserve Bank's Term Funding Facility, with 'normal' funding expected to return in the next few months.
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.
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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 | Advertised rate | Comparison rate* | Monthly repayment | Rate Type | Offset | Redraw | Ongoing Fee | Upfront Fees | LVR | Lump Sum Repayment | Additional Repayments | Pre-approval | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Variable | More details | ||||||||||||
| FEATUREDLIMITED TIME OFFER | Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)
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Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)
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| Variable | More details | ||||||||||||
| FEATUREDZERO APPLICATION FEESFEE FREE OFFSET | Owner Occupier Accelerates - Celebrate (LVR < 60%) (Principal and Interest)
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Owner Occupier Accelerates - Celebrate (LVR < 60%) (Principal and Interest)
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| Fixed | More details | ||||||||||||
| FEATUREDUSE A MARKET LEADING APP TO HELP YOU PAY OFF YOUR LOAN SOONER | Fixed Home Loan 1 year (Principal and Interest) (LVR < 80%)
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Fixed Home Loan 1 year (Principal and Interest) (LVR < 80%)
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| Variable | More details | ||||||||||||
| FEATUREDREFINANCE IN MINUTES, NOT WEEKS | Variable Owner Occupied, Principal and Interest (Refinance Only)(LVR <75%)
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Variable Owner Occupied, Principal and Interest (Refinance Only)(LVR <75%)
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- Fast turnaround times, can meet 30-day settlement
- For purchase and refinance, min 20% deposit
- No ongoing or monthly fees, add offset for 0.10%
Rates correct as of January 25, 2022. View disclaimer.
Photo by Michael Longmire on Unsplash
