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NAB last of the big four to hike fixed rates

Eden Radford avatar
Eden Radford
- 3 min read
NAB last of the big four to hike fixed rates

NAB has today increased its fixed rates for owner-occupiers and investors by up to 0.30 percentage points.

The move follows on from similar hikes to fixed rates from CBA, Westpac and ANZ’s in the last ten days.

As a result, there are no longer any fixed rates from the big four banks under 6 per cent.

Today’s changes to NAB’s lowest fixed rates

For owner-occupiers paying principal and interest

Loan termOld rateNew rateChange %-pts
1-yr6.24%6.54%0.30%
2-yr6.14%6.44%0.30%
3-yr5.99%6.29%0.30%
4-yr6.09%6.39%0.30%
5-yr6.19%6.49%0.30%

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

Fixed rates continue to rise across the board. RateCity.com.au research shows 77 lenders have lifted at least one fixed rate in the last month, which equates to 68 per cent of the RateCity.com.au database.

Lenders that have changed at least one fixed rate in the last month

Rate typeLenders that have cutLenders that have hiked
1-year fixed274
2-year fixed672
3-year fixed567
4-year fixed333
5-year-fixed640

Source: RateCity.com.au. Note some lenders have changed more than one fixed rate.

RateCity.com.au research director, Sally Tindall, said: “NAB is the last big four bank to shut the door on fixed rates starting with a ‘5’.”

“Pressure on profit margins is likely to be the key motivator behind these fixed rates increases. Conveniently, a lack of interest in fixing from borrowers gives the banks the ability to hike these rates without any significant consequence,” she said.

“These higher rates aren’t washing with borrowers who are about to come off their fixed rate and looking to reassess their options. For the small proportion of borrowers opting to re-fix, they’d do well to look beyond the big four banks,” she said.

Big four banks’ lowest advertised fixed rates

Fixed termCBAWestpacNABANZ
1-yr6.74%6.49%6.54%6.54%
2-yr6.84%6.39%6.44%6.54%
3-yr6.64%6.39%6.29%6.39%
4-yr6.69%6.39%6.39%6.49%
5-yr6.69%6.69%6.49%6.59%

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

Lowest fixed rates on RateCity.com.au

Fixed termLenderRate
1-yrIllawarra Credit Union5.40%
2-yrAustralian Mutual Bank5.23%
3-yrAustralian Mutual Bank5.33%
4-yrQudos Bank5.59%
5-yrRACQ5.34%

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

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Product database updated 27 Feb, 2024

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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