Following the lead of fellow big-four bank CommBank, NAB's fixed rate increase applies to a number of residential and investment options across both principal and interest (P&I) and interest-only (IO) home loans. 

Across NAB's home loan portfolio, these increases included:

  • Choice Package Tailored Fixed - P&I 2 Years 150k+: 20 basis point increase to 2.89% p.a. (4.14% p.a. comparison rate*).
  • Choice Package Tailored Fixed - P&I 3 Years 150k+: 20 basis point increase to 3.34% p.a. (4.17% p.a. comparison rate*).
  • Choice Package Tailored Fixed - P&I 4 Years 150k+: 20 basis point increase to 3.54% p.a. (4.20% p.a. comparison rate*).
  • Investment Tailored Fixed - IO 2 Years: 20 basis point increase to 3.19% p.a. (4.72% p.a. comparison rate*).
  • Investment Tailored Fixed - P&I 3 Years: 15 basis point increase to 3.64% p.a. (4.65% p.a. comparison rate*). 

The four-year fixed Choice Package is 156 basis points higher than it was in November 2020.

Adding 1.56 percentage points to a $400,000 30-year home loan could mean $331 per month in extra interest paid.

Previously, NAB's raised fixed interest rates across its home loan portfolio by up to 50 basis points in December


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Update resultsUpdate
LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsFeaturesLinkCompare
6.04% p.a.
6.06% p.a.
$2,408
Principal & Interest
Variable
$0
$530
90%
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5.99% p.a.
5.90% p.a.
$2,396
Principal & Interest
Variable
$0
$0
80%
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  • Unlimited redraws & additional repayments. LVR <80%
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6.14% p.a.
6.16% p.a.
$2,434
Principal & Interest
Variable
$0
$250
60%
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Important Information and Comparison Rate Warning

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. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. 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 . View disclaimer.


Around the grounds

The week that was saw a number of smaller customer institutions increase fixed rate home loans.

ING

ING increased a number of fixed rates across its portfolio of Orange Advantage, Residential and Investment loans by up to 30 basis points. Some of these changes included:

  • Residential Fixed 3 Years ≤80%: 30 basis point increase to 3.29% p.a. (3.91% p.a. comparison rate*).
  • Residential Fixed 4 Years ≤80%: 30 basis point increase to 3.59% p.a. (3.95% p.a. comparison rate*).
  • Orange Advantage Residential Fixed 3 Years ≤80%: 30 basis point increase to 3.19% p.a. (3.89% p.a. comparison rate*).
  • Orange Advantage Residential Fixed 4 yrs ≤ 80%: 30 basis point increase to 3.49% p.a. (3.92% p.a. comparison rate*).
  • Investment Fixed P&I 2 Years: 30 basis point increase to 2.99% p.a. (4.47% p.a. comparison rate*).

bcu

The credit union increased fixed home loan rates for both owner occupiers and investors by up to 15 basis points. Some highlights included:

  • Residential Fixed P&I 4 Years: 15 basis point increase to 3.09% p.a. (3.74% p.a. comparison rate*).
  • Investment Fixed P&I 4 Years: 15 basis point increase to 3.39% p.a. (3.94% p.a. comparison rate*).
  • Investment Fixed IO 4 Years: 15 basis point increase to 3.44% p.a. (3.96% p.a. comparison rate*).

ME Bank

ME Bank increased a number of fixed home loan package interest rates tailored to members of the bank. Some highlights included:

  • Member Package Flexible Fixed OO 2 Years P&I: 25 basis point increase to 2.54% p.a. (2.68% p.a. comparison rate*).
  • Member Package Flexible Fixed OO 3 Years P&I: 15 basis point increase to 2.84% p.a. (2.78% p.a. comparison rate*).




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