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NAB hikes its 4-year fixed rate above 2%: find out which 3 lenders are still left

NAB hikes its 4-year fixed rate above 2%: find out which 3 lenders are still left

Australia’s fourth largest lender, NAB, has today hiked its four- and five- year fixed rates by up to 0.25 per cent, following similar moves from Westpac and CBA.

NAB was the last of the big banks to have a 4- year fixed rate under 2 per cent. Today’s hike means its lowest four-year rate has risen from 1.98 per cent to 2.19 per cent.

NAB home loan changes for owner-occupiers paying principal and interest:

Lowest ratesOld rateNew rateChange
4-year fixed

1.98%

2.19%

0.21%

5-year fixed

2.24%

2.49%

0.25%

Note: the above rates are for owner occupiers paying principal and interest on a package home loan.

RateCity.com.au database analysis:

  • Just 3 lenders are now offering 4-year fixed rates under 2 per cent, down from 25 at the start of the year.
  • 30 lenders have hiked at least one 4-year fixed rate in the last two months.
  • 1.95% is the lowest 4-year fixed rate from BankVic.
  • Other lenders to hike 4-year rates in the last week include Macquarie Bank, QBank and TicToc.

RateCity.com.au research director, Sally Tindall, said: “This hike from NAB means there are now no big banks offering four-year rates under 2 per cent.”

“At the start of the year, 25 lenders were offering at least one four-year fixed rate under 2 per cent. Now there’s just three, and they’re probably not going to keep these rates long,” she said.

“Banks are shutting the door on record low four- and five- year rates. Three-year rates are likely to be next, potentially in the second half of this year.

“Four-year fixed rates are going to less popular going forward now many of these ultra-low rates are off the table,” she said.

Lenders offering at least one 4-year fixed rate under 2%:

BankVic: 1.95%

Illawarra Credit Union: 1.99%

ING: 1.99%

Lowest rates on RateCity.com.au database

LenderRate
1 yr fixedBCU

1.67%

2 yr fixedHomestar Finance

1.74%

3 yr fixedCredit Union SA

1.79%

4 yr fixedBankVic

1.95%

5 yr fixedBank Australia

2.10%

VariableReduce Home Loans

1.77%

RateCity.com.au. Rates are for owner occupiers paying principal and interest. Some LVR requirements apply.

Lowest big four bank owner-occupier home loan rates

CBAWestpacANZNAB 
1 year fixed

2.09%

1.99%

2.04%

2.09% 

2 year fixed

1.94%

1.79%

2.04%

1.89%

3 year fixed

2.14%

1.88%

2.04%

1.98%

4 year fixed

2.19%

2.19%

2.24%

2.19%

5 year fixed

2.99%

2.49%

2.24%

2.49%

Variable

2.69%

2.19% for 2 yrs then 2.69%

2.72%

2.69%

Source: RateCity.com.au. Note: Westpac's rates are for a loan to value ratio of up to 70%. NAB variable with offset for loan sizes of $750K+.

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This article was reviewed by Head of Content Leigh Stark before it was published as part of RateCity's Fact Check process.

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