NAB and other banks cut mortgage rates

National Australia Bank (NAB) last week cut fixed and variable mortgage interest rates on selected home loans. Other banks that also shifted their rates last week included AMP, Teachers Mutual Bank and Adelaide Bank.

NAB’s Base Variable Home Loan Special saw its interest rate reduced by 20 basis points to 3.79% p.a. (comparison rate 3.83% p.a.) for new owner occupiers with LVRs at 80% making principal and interest repayments.

At the same time, NAB reduced the interest rates on several fixed rate home loans for owner occupiers and investors by between 4 and 34 basis points.

The following interest rate changes were also seen last week:

• AMP increased variable interest rates by 15 basis points for owner occupiers and investors paying new and existing principal and interest and interest only loans.
• AMP also decreased fixed rates on selected Professional Package home loans by as much as 87 basis points, and on the Basic Fixed Rate Investment Loan (Principal & Interest) 3 Years by 88 basis points.
• Teachers Mutual Bank cut rates on its 3, 4 and 5 Year Fixed Rate Home Loans for owner occupiers and investors by between 10 and 50 basis points.
• Adelaide Bank cut fixed and variable interest rates on many of its home loans for owner occupiers and investors, with the cuts ranging from 5 to 92 basis points.

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