NAB offering two-year fixed rates from 3.69%

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NAB and ING are offering some of the lowest two-year fixed-rate mortgages on the market, although smaller lenders are also competing fiercely.

NAB is giving owner-occupiers the chance to fix for two years at 3.69 per cent (comparison rate 4.86 per cent) if they sign up for the Choice first home buyer special.

ING has a slightly higher two-year fixed rate of 3.72 per cent (comparison rate 4.55 per cent) for its Orange Advantage home loan.

SCU, Greater Bank, Newcastle Permanent, Teachers Mutual Bank and UniBank are all offering two-year fixed rates starting from 3.69 per cent (see table below).

Interest rates on two-year fixed-rate mortgages have been quite stable over the past 12 months, according to an analysis of all the two-year loans on RateCity.

The average rate for owner-occupiers was 4.16 per cent at the end of May 2018 – the same rate recorded at the end of May 2017.

The average rate for investors rose from 4.39 per cent to 4.44 per cent during that time.

Lender Product Advertised rate Comparison rate
SCU My Life Fixed Rate Package 3.69% 4.04%
Greater Bank Ultimate Fixed Home Loan 3.69% 4.47%
Newcastle Permanent Premium Plus Package Fixed Rate Home Loan 3.69% 4.62%
NAB Choice Package Tailored Home Loan Fixed (First Home Buyer Special) 3.69% 4.86%
Teachers Mutual Bank Fixed Home Loan 3.69% 5.10%
UniBank Fixed Home Loan 3.69% 5.10%
FreedomLend Freedom Fixed Home Loan 3.72% 3.89%
ING Orange Advantage 3.72% 4.55%
RACQ Choices Package Home Loan 3.72% 4.80%
IMB Bank Fixed Rate Home Loan 3.75% 4.78%

^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.

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