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- NAB increases fixed rates for the second time in just over a week
NAB increases fixed rates for the second time in just over a week
NAB has today increased its fixed rates for owner-occupiers and investors by up to 0.20 percentage points, after an increase to the same rates last Friday.
The increases, combined with the hikes from Friday 21 July, have seen some rates increase by up to 0.50 percentage points in the space of eight days.
Changes to NAB’s lowest fixed rates
For owner-occupiers paying principal and interest
| Fixed term | Old rate | New rate | Change %-pts | Total %-pts change for both hikes (21 + 28 Jul) |
| 1-yr | 6.54% | 6.59% | +0.05 | +0.35 |
| 2-yr | 6.44% | 6.54% | +0.10 | +0.40 |
| 3-yr | 6.29% | 6.39% | +0.10 | +0.40 |
| 4-yr | 6.39% | 6.59% | +0.20 | +0.50 |
| 5-yr | 6.49% | 6.69% | +0.20 | +0.50 |
Source: RateCity.com.au. LVR requirements apply.
RateCity.com.au research shows 71 lenders have lifted at least one fixed rate in the last month, which equates to 63 per cent of the RateCity.com.au database.
Lenders that have changed at least one fixed rate in the last month
| Fixed term | Lenders that have cut | Lenders that have hiked |
| 1-yr | 3 | 64 |
| 2-yr | 3 | 66 |
| 3-yr | 4 | 58 |
| 4-yr | 2 | 33 |
| 5-yr | 5 | 37 |
Source: RateCity.com.au. Note some lenders have changed more than one fixed rate.
RateCity.com.au research director, Sally Tindall, said: “Another round of fixed rate hikes from NAB will have borrowers hoping to lock in their rate rattled.”
“When push comes to shove, borrowers are overwhelmingly opting to go variable, giving banks the runway to hike fixed rates with little consequence,” she said.
“If borrowers are looking to fix anytime soon they’d do well to keep an eye on what the big banks are doing, or better yet, look beyond them,” she said.
Big four banks’ lowest advertised fixed rates
| Fixed term | CBA | Westpac | NAB | ANZ |
| 1-yr | 6.74% | 6.49% | 6.59% | 6.54% |
| 2-yr | 6.84% | 6.39% | 6.54% | 6.54% |
| 3-yr | 6.64% | 6.39% | 6.39% | 6.39% |
| 4-yr | 6.69% | 6.39% | 6.59% | 6.49% |
| 5-yr | 6.69% | 6.69% | 6.69% | 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 | The Capricornian | 5.45% |
| 2-yr | Australian Mutual Bank | 5.23% |
| 3-yr | Australian Mutual Bank | 5.33% |
| 4-yr | Qudos Bank | 5.84% |
| 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 19 Nov, 2024
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