The move comes ahead of today's inflation data from the ABS, which generally weighs heavily on the RBA's monetary policy decision - next held on Tuesday.

NAB's rate increases were largely in-line with increases from the other major banks, focusing on fixed-rate home loans with terms between two and five years.

While a large swathe of home loans had rates changed, some of the more noteworthy ones included:

  • Choice Package Fixed 2 Years: 10 basis point increase to 2.09% p.a. (4.00% p.a. comparison rate*)
  • Choice Package Fixed 5 Years: 20 basis point increase to 2.99% p.a. (3.95% p.a. comparison rate*)
  • Investor Tailored Fixed 3 Years: 10 basis point increase to 2.64% p.a. (4.59% p.a. comparison rate*)
  • Investor Tailored Fixed 5 Years: 15 basis point increase to 3.19% p.a. (4.46% p.a. comparison rate*)

That said, various one year fixed-rate home loans were decreased by between 10 and 15 basis points, similar to what ANZ did last week.

NAB's Choice Package fixed for one year for owner occupiers was reduced by 10 basis points, which brings it back down below the 2% threshold. 

Variable loans get a haircut

NAB has continued building on the emerging theme where fixed loans increase while variable rates decrease.

The major bank decreased its base variable rates for owner occupiers by between 5 and 40 basis points as special offers.

For borrowers up to 80% LVR, the rate was decreased by 40 basis points to 2.29% p.a. (2.33% p.a. comparison rate*).

Borrowers over 80% LVR saw a rate decrease of 5 basis points to 2.99% p.a. (3.03% p.a. comparison rate*).

AMP also cuts variable rates

On Wednesday AMP also cut variable home loan rates for investors borrowing more than $500,000 by up to 40 basis points. 

  • Professional Package P&I 60%: 40 basis point decrease to 2.34% p.a. (2.76% p.a. comparison rate*)
  • Professional Package IO 60%: 30 basis point decrease to 2.79% p.a. (2.87% p.a. comparison rate*)

Investors with smaller deposits or equity, up to 80% LVR, also saw rate decreases by between 35 and 40 basis points.

Investment construction loans also got a haircut for those borrowing more than $500,000:

  • Professional Package 60%: 30 basis point decrease to 2.79% p.a. (2.79% p.a. comparison rate*)
  • Professional Package 80%: 40 basis point decrease to 2.79% p.a. (3.62% p.a. comparison rate*)

Advertisement

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.

Update resultsUpdate
Filters
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
70%
 Featured Online ExclusiveUp To $4K Cashback
  • Immediate cashback upon settlement
  • $2,000 for loans up to $700,000
  • $4,000 for loans over $700,000
5.99% p.a.
5.90% p.a.
$2,396
Principal & Interest
Variable
$0
$0
80%
 Featured Apply In Minutes
  • No application or ongoing fees. Annual rate discount
  • Unlimited redraws & additional repayments. LVR <80%
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
5.99% p.a.
6.51% p.a.
$2,589
Principal & Interest
Variable
$0
$530
90%
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.



Ready, Set, Buy!


Learn everything you need to know about buying property – from choosing the right property and home loan, to the purchasing process, tips to save money and more!

With bonus Q&A sheet and Crossword!

Download Free
By subscribing you agree to our privacy policy