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NAB last of the big four to hike fixed rates

NAB last of the big four to hike fixed rates

Eden Radford

21 Jul, 2023 - 3 min read

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 term	Old rate	New rate	Change %-pts
1-yr	6.24%	6.54%	0.30%
2-yr	6.14%	6.44%	0.30%
3-yr	5.99%	6.29%	0.30%
4-yr	6.09%	6.39%	0.30%
5-yr	6.19%	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 type	Lenders that have cut	Lenders that have hiked
1-year fixed	2	74
2-year fixed	6	72
3-year fixed	5	67
4-year fixed	3	33
5-year-fixed	6	40

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 term	CBA	Westpac	NAB	ANZ
1-yr	6.74%	6.49%	6.54%	6.54%
2-yr	6.84%	6.39%	6.44%	6.54%
3-yr	6.64%	6.39%	6.29%	6.39%
4-yr	6.69%	6.39%	6.39%	6.49%
5-yr	6.69%	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 term	Lender	Rate
1-yr	Illawarra Credit Union	5.40%
2-yr	Australian Mutual Bank	5.23%
3-yr	Australian Mutual Bank	5.33%
4-yr	Qudos Bank	5.59%
5-yr	RACQ	5.34%

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

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Product database updated 10 Jan, 2025

This article was reviewed by Research Director Sally Tindall before it was published as part of RateCity's Fact Check process.

Eden Radford

External Comms Lead

Eden Radford is the External Comms Lead for RateCity, bringing almost a decade of experience across the finance services and technology sectors. In prior years, Eden has worked with Lendi, Aussie, Xero, Qualcomm, Accenture, and Dyson, among others, while being a pillar of expertise for government clients and contracts, as well. Eden has a passion for improving financial literacy, data storytelling and helping people better understand the decisions they can make about their own finances.