Home loan relief as NAB cuts fixed rates by up to 60 basis points
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As the consumer price index eases down to 7%, banks are increasingly looking at cutting their fixed interest rate loans with the expectation that the Reserve Bank of Australia (RBA) will continue to halt the cash rate.
However, despite the good news, inflation still remains far from the RBA’s 2-3% goal which could mean that interest rate rises are still on the table.
NAB cuts home loan fixed rates
Since the last RBA meeting, when it announced a pause after 10 consecutive rate hikes, a number of banks have announced cuts to their home loan interest rates.
More recently, NAB has cut back the interest rates on their fixed rate home loan products with shorter loans cut by 15 basis points (bp) and 60bp for longer loans.
NAB Tailored Home Loan
(owner-occupier, principal and interest, fixed)
| Fixed Rate | Previous Rate | New Rate |
| 1-year | 6.09% p.a. | 5.94% p.a. |
| 2-year | 6.09% p.a. | 5.84% p.a. |
| 3-year | 6.09% p.a. | 5.59% p.a. |
| 4-year | 6.39% p.a. | 6.09% p.a. |
| 5-year | 6.49% p.a | 6.24% p.a. |
NAB Tailored Home Loan
(owner-occupier, principal and interest, fixed, <70% LVR)
| Fixed Rate | Previous Rate | New Rate |
| 1-year | 5.99% p.a. | 6.54% p.a. |
| 2-year | 6.09% p.a. | 6.44% p.a. |
| 3-year | 5.99% p.a. | 6.29% p.a. |
| 4-year | 6.39% p.a. | 6.39% p.a. |
| 5-year | 6.59% p.a. | 6.49% p.a. |
If you’re looking to compare more fixed rate home loans, then Mozo has what you need. We have comparisons on all sorts of home loan providers to make sure you’re getting the loan that works for you.