NAB increases fixed mortgage rates again

author-avatar By on September 15, 2021
NAB increases fixed mortgage rates again

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.


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


The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered which includes retail products from at least the big four banks, the top 10 customer-owned institutions and Australia’s larger non-banks:

  • The big four banks are: ANZ, CBA, NAB and Westpac
  • The top 10 customer-owned Institutions are the ten largest mutual banks, credit unions and building societies in Australia, ranked by assets under management in November 2020. They are (in descending order): Great Southern Bank, Newcastle Permanent, Heritage Bank, Peoples’ Choice Credit Union, Teachers Mutual Bank, Greater Bank, IMB Bank, Beyond Bank, Bank Australia and P&N Bank.
  • The larger non-bank lenders are those who (in 2020) has more than $9 billion in Australian funded loans and advances. These groups are: Resimac, Pepper, Liberty and Firstmac.
  • If you click on a product link and you are referred to a Product or Service Provider’s web page, it is highly likely that a commercial relationship exists between that Product or Service Provider and

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.

In the interests of full disclosure,, Performance Drive and are part of the Firstmac Group. To read about how manages potential conflicts of interest, along with how we get paid, please click through onto the web site links.

*Comparison rate is based on a loan of $150,000 over a term of 25 years. Please note the comparison rate only applies to the examples given. Different loan amounts and terms will result in different comparison rates. Costs such as redraw fees and costs savings, such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

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Harrison is'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 is passionate about breaking down complex financial topics for the everyday consumer.

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