On Wednesday NAB followed CommBank, Westpac, and ANZ in increasing fixed home loan interest rates.
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.
Lender | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Variable | More details | ||||||||||||
| FEATUREDUNLIMITED REDRAWSSPECIAL OFFER | Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)
| ||||||||||||
Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)
| |||||||||||||
| Variable | More details | ||||||||||||
| FEATURED100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES | Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)
| ||||||||||||
Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)
| |||||||||||||
| Variable | More details | ||||||||||||
| QLD/NSW/VIC/SA METRO & INNER REGIONAL AREAS | Variable Home Loan (Principal and Interest)
| ||||||||||||
Variable Home Loan (Principal and Interest)
| |||||||||||||
| Variable | More details | ||||||||||||
| REFINANCE ONLY | Variable Rate Home Loan – Refinance Only
| ||||||||||||
Variable Rate Home Loan – Refinance Only
| |||||||||||||
| Variable | More details | ||||||||||||
| NO ONGOING FEESFREE REDRAW FACILITY | Live-in Variable Loan (Principal and Interest) (LVR < 90%)
| ||||||||||||
Live-in Variable Loan (Principal and Interest) (LVR < 90%)
| |||||||||||||
- 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 July 3, 2022. View disclaimer.
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.
Latest Articles
- How much will the RBA lift the cash rate in July?
- Home values decrease for the second month in a row amid rising interest rates
- NAB increases fixed home loan rates
- Census data shows mortgage holders still better off financially than renters
- How are rate hikes affecting appetites for mortgages?
Latest News
How are rate hikes affecting appetites for mortgages?
June 30, 2022
Be Savings smart.
Subscribe for free money newsletters.
to the Savings Privacy Policy
