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NAB hikes fixed rates for the fourth time this year

NAB hikes fixed rates for the fourth time this year

Australia’s third largest home loan lender, NAB, has today hiked fixed rates for the fourth time this year.

Today’s hikes are up to 0.60 percentage points for owner-occupiers and up to 0.75 percentage points for investors paying principal and interest.

NAB fixed rate changes for owner-occupiers 

Old rateNew rateChange
1-yr fixed

2.99%

2.99%

0.00%

2-yr fixed

3.49%

3.99%

0.50%

3-yr fixed

3.99%

4.49%

0.50%

4-yr fixed

4.19%

4.79%

0.60%

5-yr fixed

4.49%

4.99%

0.50%

Source: RateCity.com.au. Note: Above rates are for owner-occupiers paying principal and interest on a package rate. 

NAB rates – 1 year ago vs today

Rate type1 year agoTodayChange
1-yr fixed

2.09%

2.99%

0.90%

2-yr fixed

1.89%

3.99%

2.10%

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%

-0.50%

Source: RateCity.com.au. Note: Some loan-to-value ratio requirements apply.

RateCity.com.au research director, Sally Tindall, said NAB had now hiked some fixed rates by almost 3 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,” she 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.

“Anyone coming off a fixed rate in the next few months would do well 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.

“There is now just one fixed rate left under 2 per cent from Unity Bank and it has an almighty target on its back,” she said.

Lowest big four bank owner-occupier home loan rates

Rate typeCBAWestpacNABANZ
1-yr fixed

2.99%

2.79%

2.99%

3.29%

2-yr fixed

3.79%

3.69%

3.99%

3.99%

3-yr fixed

4.19%

4.19%

4.49%

4.39%

4-yr fixed

4.39%

4.39%

4.79%

4.69%

5-yr fixed

4.49%

4.59%

4.99%

4.89%

Variable

2.19%

2.09%

2.19%

2.19%

Source: RateCity.com.au. Note: Some loan-to-value ratio requirements apply.

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

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