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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 rates | Old rate | New rate | Change |
| 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
| Lender | Rate | |
| 1 yr fixed | BCU | 1.67% |
| 2 yr fixed | Homestar Finance | 1.74% |
| 3 yr fixed | Credit Union SA | 1.79% |
| 4 yr fixed | BankVic | 1.95% |
| 5 yr fixed | Bank Australia | 2.10% |
| Variable | Reduce 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
| CBA | Westpac | ANZ | NAB | |
| 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+.
Disclaimer
This article is over two years old, last updated on May 12, 2021. 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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Product database updated 25 Apr, 2024
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