Australia’s third largest home loan lender has hiked fixed rates for the fourth time this year.
NAB lifted rates for owner-occupiers by 0.6 percentage points and for investors paying principal and interest by 0.75 percentage points.
RateCity.com.au showed NAB’s fixed rate changes for owner-occupiers:
|
|
Old rate |
New rate |
Change |
|---|---|---|---|
|
1-yr fixed |
2.99% |
2.99% |
0% |
|
2-yr fixed |
3.49% |
3.99% |
0.5% |
|
3-yr fixed |
3.99% |
4.49% |
0.5% |
|
4-yr fixed |
4.19% |
4.79% |
0.6% |
|
5-yr fixed |
4.49% |
4.99% |
0.5% |
Note: Above rates are for owner-occupiers paying principal and interest on a package rate
RateCity.com.au also compared NAB’s current rates to the previous year’s:
|
Rate type |
1 year ago |
Today |
Change |
|---|---|---|---|
|
1-yr fixed |
2.09% |
2.99% |
0.9% |
|
2-yr fixed |
1.89% |
3.99% |
2.1% |
|
3-yr fixed |
1.98% |
4.49% |
2.51% |
|
4-yr fixed |
1.98% |
4.79% |
2.81% |
|
5-yr fixed |
2.24% |
4.99% |
2.75% |
|
Variable |
2.69% |
2.19% |
-0.5% |
Note: Some LVR requirements apply
Sally Tindall, RateCity.com.au research director, said NAB had now hiked some fixed rates by nearly three percentage points in the last year.
“Twelve months ago, no one would have predicted fixed rates would soar this high this fast, particularly when the RBA was predicting the cash rate would not move north until at least 2024,” Tindall said. “Today we’re in a completely different environment. The cash rate is set to rise as early as June and it’s likely to go up multiple times before we get anywhere near 2024. These fixed rate hikes are a sign of things to come. Record-low variable rates are also about to be relegated to the history books, although the variable hikes might not be as severe.
Tindall urged those who are coming off a fixed rate in the next few months to start shopping around.
“It might be getting harder to find a bargain, but if you do your homework, you can at least find a competitive deal,” she said. “There is now just one fixed rate left under 2% from Unity Bank and it has an almighty target on its back.”
Here’s the lowest big four bank owner-occupier home loan rates as compiled by RateCity.com.au:
