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NAB the 3rd big four bank to hike fixed rates in 2022 – how high will they go?
Fixed home loan rates are continuing to climb, with NAB the latest big four bank to hike.
NAB has raised its fixed rates by up to 0.20 per cent for owner-occupiers and investors following similar hikes from CBA yesterday and Westpac last month.
Today’s NAB hikes for owner-occupiers paying principal & interest - contact us for investor changes
| Rate type | Old lowest rate | New lowest rate | Change |
| 1-year fixed | 2.54% | 2.64% | 0.10% |
| 2-year fixed | 2.69% | 2.89% | 0.20% |
| 3-year fixed | 3.14% | 3.34% | 0.20% |
| 4-year fixed | 3.34% | 3.54% | 0.20% |
| 5-year-fixed | 3.59% | 3.69% | 0.10% |
Note: Above rates are for owner-occupiers paying principal and interest on a package rate.
NAB rates for owner-occupiers – today vs 1 year ago
| Rate type | 1 year ago | Today | Change | Difference in repayments ($500K) |
| 1-year fixed | 2.19% | 2.64% | 0.45% | $116 |
| 2-year fixed | 2.09% | 2.89% | 0.80% | $208 |
| 3-year fixed | 2.09% | 3.34% | 1.25% | $330 |
| 4-year fixed | 1.98% | 3.54% | 1.56% | $413 |
| 5-year-fixed | 2.79% | 3.69% | 0.90% | $247 |
| Lowest variable | 2.69% | 2.29% | -0.40% | -$104 |
Notes: rates are for owner-occupiers paying principal and interest. Monthly repayments are based on a $500K, 30-year loan.
Lenders that have changed at least one rate since 1 Jan 2022
| Rate type | Lenders that have cut | Lenders that have hiked |
| 1-year fixed | 2 | 35 |
| 2-year fixed | 1 | 40 |
| 3-year fixed | 0 | 40 |
| 4-year fixed | 0 | 27 |
| 5-year-fixed | 0 | 36 |
| Variable | 14 | 7 |
Source: RateCity.com.au. Note some lenders have moved multiple rates.
RateCity.com.au research director, Sally Tindall, said: “NAB has bowed to pressure once again, hiking fixed rates as cost of funding pressures bite.”
“NAB’s fixed rates are now up to 1.56 percentage points higher than they were 12 months ago. That’s a huge jump that’s likely to cause some borrowers to re-think their strategy,” she said.
“Westpac and ANZ currently have the lowest rates out of the big four banks, however, with the cost of fixed rate funding continuing to increase, both lenders are likely to be mulling over further rate hikes.
“Analysis by RateCity.com.au shows the big four bank 3-, 4- and 5-year fixed rates are now above pre-pandemic levels.
“Within the next six months we could see a number of the longer-term big four bank fixed rates hit 4 per cent.
“There are still a handful of 1- and 2-year fixed rates under 2 per cent, but they’re becoming increasingly harder to find, which makes shopping around all the more important,” she said.
Lowest big four bank owner-occupier home loan rates
| Rate type | CBA | Westpac | NAB | ANZ |
| 1 yr fixed | 2.59% | 2.39% | 2.64% | 2.39% |
| 2 yr fixed | 2.84% | 2.59% | 2.89% | 2.59% |
| 3 yr fixed | 3.24% | 3.04% | 3.34% | 2.99% |
| 4 yr fixed | 3.54% | 3.34% | 3.54% | 3.39% |
| 5 yr fixed | 3.79% | 3.59% | 3.69% | 3.59% |
| Variable | 2.29% | 2.19% | 2.29% | 2.19% |
Source: RateCity.com.au. Note: Some loan-to-value ratio requirements apply.
Disclaimer
This article is over two years old, last updated on February 4, 2022. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent home loans articles.
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