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NAB hikes fixed rates for the fourth time this year
Australia’s third largest home loan lender, NAB, has today hiked fixed rates for the fourth time this year.
Today’s hikes are up to 0.60 percentage points for owner-occupiers and up to 0.75 percentage points for investors paying principal and interest.
NAB fixed rate changes for owner-occupiers
| Old rate | New rate | Change | |
| 1-yr fixed | 2.99% | 2.99% | 0.00% |
| 2-yr fixed | 3.49% | 3.99% | 0.50% |
| 3-yr fixed | 3.99% | 4.49% | 0.50% |
| 4-yr fixed | 4.19% | 4.79% | 0.60% |
| 5-yr fixed | 4.49% | 4.99% | 0.50% |
Source: RateCity.com.au. Note: Above rates are for owner-occupiers paying principal and interest on a package rate.
NAB rates – 1 year ago vs today
| Rate type | 1 year ago | Today | Change |
| 1-yr fixed | 2.09% | 2.99% | 0.90% |
| 2-yr fixed | 1.89% | 3.99% | 2.10% |
| 3-yr fixed | 1.98% | 4.49% | 2.51% |
| 4-yr fixed | 1.98% | 4.79% | 2.81% |
| 5-yr fixed | 2.24% | 4.99% | 2.75% |
| Variable | 2.69% | 2.19% | -0.50% |
Source: RateCity.com.au. Note: Some loan-to-value ratio requirements apply.
RateCity.com.au research director, Sally Tindall, said NAB had now hiked some fixed rates by almost 3 percentage points in the last year.
“Twelve months ago, no-one would have predicted fixed rates would soar this high this fast, particularly when the RBA was predicting the cash rate would not move north until at least 2024,” she said.
“Today we’re in a completely different environment. The cash rate is set to rise as early as June and it’s likely to go up multiple times before we get anywhere near 2024.
“These fixed rate hikes are a sign of things to come. Record-low variable rates are also about to be relegated to the history books, although the variable hikes might not be as severe.
“Anyone coming off a fixed rate in the next few months would do well to start shopping around. It might be getting harder to find a bargain, but if you do your homework, you can at least find a competitive deal.
“There is now just one fixed rate left under 2 per cent from Unity Bank and it has an almighty target on its back,” she said.
Lowest big four bank owner-occupier home loan rates
| Rate type | CBA | Westpac | NAB | ANZ |
| 1-yr fixed | 2.99% | 2.79% | 2.99% | 3.29% |
| 2-yr fixed | 3.79% | 3.69% | 3.99% | 3.99% |
| 3-yr fixed | 4.19% | 4.19% | 4.49% | 4.39% |
| 4-yr fixed | 4.39% | 4.39% | 4.79% | 4.69% |
| 5-yr fixed | 4.49% | 4.59% | 4.99% | 4.89% |
| 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 22, 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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