NAB raises fixed home loan rates for the fifth time this year

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on November 11, 2021 Fact Checked
NAB raises fixed home loan rates for the fifth time this year

Less than two months since the big four bank last raised fixed home loan rates, on Thursday NAB made further changes to fixed interest rates.

Fixed interest rates across NAB's fixed home loan portfolio were increased by up to 51 basis points (0.51%).

This increase follows on from the previous increase of up to 30 basis points back in September. 

Across NAB's home loan portfolio, ‘Choice Package', 'Choice Package Investment' and 'Tailored' products for owner occupiers and investors were increased. 

Some of NAB's announced changes include:

  • Choice Package Tailored Fixed - P&I 3 Years 150k+: Now 2.79% (4.03% p.a. comparison rate*)
  • Choice Package Tailored Fixed - IO 3 Years 150k+: Now 3.89% (4.36% p.a. comparison rate*)
  • Investment Tailored Fixed - P&I 3 Years: Now 3.09% (4.71% p.a. comparison rate*)
  • Tailored Fixed - P&I 3 Years: Now 2.89% (4.23% p.a. comparison rate*)
  • Tailored Fixed - IO 3 Years: Now 3.99% (4.59% p.a. comparison rate*)

These increased rates apply to new lending with a maximum loan-to-value ratio of 95% for owner occupiers and 90% for investors.

This increase follows the release of NAB's Full Year Results for 2021, recording a statutory net profit of $6.56 billion, and comes a week after fellow big four banks CommBank and Westpac hiked their own offerings for fixed home loan interest rates. 


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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 July 3, 2022. View disclaimer.



Image by Phil Hearing via Unsplash.

Disclaimers

The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered. 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. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au, and Performance Drive are part of the Savings Media group. In the interests of full disclosure, the Savings Media Group are associated with the Firstmac Group. To read about how Savings Media Group manages potential conflicts of interest, along with how we get paid, please visit the web site links at the bottom of this page.

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Jacob Cocciolone joined the Savings team in 2021 as a Finance Journalist. Driven by a passion for keeping Australians up to date with the latest financial news and trends, his areas of interest include financial technology, investing, property and motoring.

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