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NAB and ANZ hike fixed rates, again
Australia’s third and fourth largest banks, NAB and ANZ, have today hiked fixed rates by up to 0.40 percentage points.
This is the seventh time NAB has hiked fixed rates in the last six months and the sixth time for ANZ.
Today’s NAB home loan rate changes for owner-occupiers
| Rate type | Old rate | New rate | Change |
| 1-yr fixed | 2.74% | 2.99% | 0.25% |
| 2-yr fixed | 3.09% | 3.49% | 0.40% |
| 3-yr fixed | 3.59% | 3.99% | 0.40% |
| 4-yr fixed | 3.99% | 4.19% | 0.20% |
| 5-yr fixed | 4.19% | 4.49% | 0.30% |
Note: Above rates are for owner-occupiers paying principal and interest on a package rate. LVR requirements apply.
Today’s ANZ home loan rate changes for owner-occupiers
| Rate type | Old rate | New rate | Change |
| 1-yr fixed | 2.69% | 2.99% | 0.30% |
| 2-yr fixed | 3.09% | 3.39% | 0.30% |
| 3-yr fixed | 3.59% | 3.89% | 0.30% |
| 4-yr fixed | 3.99% | 4.29% | 0.30% |
| 5-yr fixed | 4.19% | 4.49% | 0.30% |
Note: Above rates are for owner-occupiers paying principal and interest. LVR requirements apply.
RateCity.com.au research shows the gap between the average big four banks’ lowest variable rate and their lowest 3-year fixed rate is now 1.69 percentage points, while the gap for 4-year fixed rates is 1.95 percentage points.
Source: RateCity.com.au. Note: rates are the banks’ lowest fixed and ongoing variable rates. LVR requirements apply.
The big bank moves come as the last 2-year fixed rate under 2-per cent was taken off the table by Geelong Bank. The RateCity.com.au database shows there are now just six fixed rates under 2 per cent, all of which are 1-year rates.
RateCity.com.au research director, Sally Tindall, said: “Fixed rates continue to blow out as the cost of funding keeps on climbing”.
“It comes as the financial markets speculate the cash rate could go above 3 per cent in 2024,” she said.
“However, the RBA governor has suggested only moderate hikes will be needed due to Australian households’ high levels of debt.
“Fixed rates have been on a wild ride over the last year and a half. The big banks’ 4-year fixed rates were as low as 1.89 per cent at the end of 2020. Today, they’re all bordering on, or above, 4 per cent without a single move from the RBA.
“People who fixed for 4 years for under 2 per cent will be laughing all the way to the bank on the back of these hikes, knowing they’re immune to any rate changes for at least another couple of years.
“Anyone coming off a fixed rate is going to be in for an almighty shock when they see what the banks have on offer.
“The last 2-year fixed rate under 2 per cent has just been taken off the table. Today, the only fixed rates that start with a ‘1’ are six 1-year fixed rates.
“The vast majority of fixed rates now start with a ‘3’ or a ‘4’. In 12 months’ time they’re almost certainly going to be even higher,” she said.
Lowest big four bank owner-occupier home loan rates
| Rate type | CBA | Westpac | NAB | ANZ |
| 1-yr fixed | 2.99% | 2.99% | 2.99% | 2.99% |
| 2-yr fixed | 3.29% | 3.19% | 3.49% | 3.39% |
| 3-yr fixed | 3.79% | 3.74% | 3.99% | 3.89% |
| 4-yr fixed | 3.99% | 3.99% | 4.19% | 4.29% |
| 5-yr fixed | 4.29% | 4.29% | 4.49% | 4.49% |
| Variable | 2.19% | 2.09% | 2.19% | 2.19% |
Source: RateCity.com.au. Note: Some loan-to-value ratio requirements apply.
Disclaimer
This article is over two years old, last updated on April 1, 2022. 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 18 Nov, 2024
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