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NAB bumps up select fixed rates

Eden Radford avatar
Eden Radford
- 3 min read
NAB bumps up select fixed rates

The National Australia Bank has today bucked the recent trend of big bank fixed cuts, by hiking select rates by up to 0.15 percentage points.

NAB’s owner-occupier 2-year fixed rates have risen by 0.15 percentage points for customers paying principal and interest, while 4-year rates have risen by 0.10 percentage points for the same borrowing type.

Select investor 3- and 4-year fixed rates have also risen by up to 0.05 percentage points.

Today’s increase to the 2-year rate for owner-occupiers paying principal and interest partially reverses the bank’s decision to cut this rate 15 days ago.

However, the 2-yr fixed rate, which is now 6.34 per cent, is still 0.20 percentage points lower than it was at the start of the month, despite this hike.

Today’s fixed rate hikes from NAB

For owner-occupiers paying principal & interest, 30%+ deposit – contact us for other loan types

Loan termOld rateNew rateChange
2-yr6.19%6.34%+0.15%
4-yr6.59%6.69%+0.10%

Source: RateCity.com.au

ANZ now has the lowest 1- and 2- year fixed rates out of the big four banks, and equal lowest 3-year fixed rate alongside CBA.

Big four banks’ lowest advertised fixed rates

Fixed termCBAWestpacNABANZ
1-yr6.59%6.49%6.59%6.34%
2-yr6.84%6.39%6.34%6.24%
3-yr6.29%6.39%6.39%6.29%
4-yr6.69%6.39%6.69%6.49%
5-yr6.69%6.69%6.69%6.59%

Source: RateCity.com.au

Lowest fixed rates on RateCity.com.au

For owner-occupiers paying principal and interest

Fixed termLenderAdvertised rate
1-yrMacquarie Credit Union5.48%
2-yrSouth West Slopes Credit Union5.49%
3-yrRACQ5.34%
4-yrQudos Bank5.84%
5-yrRACQ5.34%

Source: RateCity.com.au. Note LVR requirements may apply.

Summary of big four bank fixed rate changes: last 3 months

DateBankMax change
03-JulCBAUp to +035%
12-JulANZUp to +0.55%
18-JulCBAUp to +0.40%
18-JulWestpacUp to +0.40%
21-JulNABUp to +0.30%
28-JulNABUp to +0.20%
11-AugCBAUp to -0.35%
13-SepNABUp to -0.35%
13-SepWestpacUp to -0.25%
19-SepANZUp to -0.30%
28-SepNABUp to +0.15%

Source: RateCity.com.au. Note: includes owner-occupier and investor changes. Contact us for list of individual changes.

RateCity.com.au research director, Sally Tindall, said: “NAB has done a partial about-turn on its lowest 2-year fixed rate today, negating almost half of the cut it made just 15 days ago.

“This means NAB no longer has the lowest 2-year fixed rate out of the big four banks, passing that baton on to ANZ,” she said.

“ANZ now has the lowest short-term fixed rates out of the big four banks, however, there’s still oceans between these rates and the lowest fixed rate offers in the market.

“This is a timely reminder to anyone thinking of fixing to use up-to-date research when selecting a fixed rate. With so much movement in the market it’s no surprise the majority of borrowers aren’t willing to tie themselves to a fixed rate just yet,” she said.

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Product database updated 22 Jun, 2024

This article was reviewed by Research Director Sally Tindall before it was published as part of RateCity's Fact Check process.