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 | |||||||||||||
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| Variable | More details | ||||||||||||
| FEATUREDUNLIMITED REDRAWSSPECIAL 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 | ||||||||||||
| FEATURED100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES | Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)
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Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)
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| Variable | More details | ||||||||||||
| NSW/VIC/SA METRO & INNER REGIONAL AREAS | Variable Home Loan (Principal and Interest)
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Variable Home Loan (Principal and Interest)
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| Variable | More details | ||||||||||||
| REFINANCE ONLY | Variable Rate Home Loan – Refinance Only
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Variable Rate Home Loan – Refinance Only
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| Variable | More details | ||||||||||||
| NO ONGOING FEESFREE REDRAW FACILITY | Live-in Variable Loan (Principal and Interest) (LVR < 90%)
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Live-in Variable Loan (Principal and Interest) (LVR < 90%)
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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%
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 June 25, 2022. View disclaimer.
Photo by Michael Longmire on Unsplash
