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NAB bumps up select fixed rates
The National Australia Bank has today bucked the recent trend of big bank fixed cuts, by hiking select rates by up to 0.15 percentage points.
NAB’s owner-occupier 2-year fixed rates have risen by 0.15 percentage points for customers paying principal and interest, while 4-year rates have risen by 0.10 percentage points for the same borrowing type.
Select investor 3- and 4-year fixed rates have also risen by up to 0.05 percentage points.
Today’s increase to the 2-year rate for owner-occupiers paying principal and interest partially reverses the bank’s decision to cut this rate 15 days ago.
However, the 2-yr fixed rate, which is now 6.34 per cent, is still 0.20 percentage points lower than it was at the start of the month, despite this hike.
Today’s fixed rate hikes from NAB
For owner-occupiers paying principal & interest, 30%+ deposit – contact us for other loan types
| Loan term | Old rate | New rate | Change |
| 2-yr | 6.19% | 6.34% | +0.15% |
| 4-yr | 6.59% | 6.69% | +0.10% |
Source: RateCity.com.au
ANZ now has the lowest 1- and 2- year fixed rates out of the big four banks, and equal lowest 3-year fixed rate alongside CBA.
Big four banks’ lowest advertised fixed rates
| Fixed term | CBA | Westpac | NAB | ANZ |
| 1-yr | 6.59% | 6.49% | 6.59% | 6.34% |
| 2-yr | 6.84% | 6.39% | 6.34% | 6.24% |
| 3-yr | 6.29% | 6.39% | 6.39% | 6.29% |
| 4-yr | 6.69% | 6.39% | 6.69% | 6.49% |
| 5-yr | 6.69% | 6.69% | 6.69% | 6.59% |
Source: RateCity.com.au
Lowest fixed rates on RateCity.com.au
For owner-occupiers paying principal and interest
| Fixed term | Lender | Advertised rate |
| 1-yr | Macquarie Credit Union | 5.48% |
| 2-yr | South West Slopes Credit Union | 5.49% |
| 3-yr | RACQ | 5.34% |
| 4-yr | Qudos Bank | 5.84% |
| 5-yr | RACQ | 5.34% |
Source: RateCity.com.au. Note LVR requirements may apply.
Summary of big four bank fixed rate changes: last 3 months
| Date | Bank | Max change |
| 03-Jul | CBA | Up to +035% |
| 12-Jul | ANZ | Up to +0.55% |
| 18-Jul | CBA | Up to +0.40% |
| 18-Jul | Westpac | Up to +0.40% |
| 21-Jul | NAB | Up to +0.30% |
| 28-Jul | NAB | Up to +0.20% |
| 11-Aug | CBA | Up to -0.35% |
| 13-Sep | NAB | Up to -0.35% |
| 13-Sep | Westpac | Up to -0.25% |
| 19-Sep | ANZ | Up to -0.30% |
| 28-Sep | NAB | Up to +0.15% |
Source: RateCity.com.au. Note: includes owner-occupier and investor changes. Contact us for list of individual changes.
RateCity.com.au research director, Sally Tindall, said: “NAB has done a partial about-turn on its lowest 2-year fixed rate today, negating almost half of the cut it made just 15 days ago.
“This means NAB no longer has the lowest 2-year fixed rate out of the big four banks, passing that baton on to ANZ,” she said.
“ANZ now has the lowest short-term fixed rates out of the big four banks, however, there’s still oceans between these rates and the lowest fixed rate offers in the market.
“This is a timely reminder to anyone thinking of fixing to use up-to-date research when selecting a fixed rate. With so much movement in the market it’s no surprise the majority of borrowers aren’t willing to tie themselves to a fixed rate just yet,” she said.
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Product database updated 19 Nov, 2024
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