NAB increases fixed home loan rates by up to 60 bp
NAB has become the latest Big Four Bank to raise fixed rates for home loans, joining ANZ, Westpac, and CommBank in the continuing saga of the April rate-hike scramble.
These latest changes apply to its owner-occupier P&I loans, with 50 basis point increases to 2, 3, and 5-year terms and a whopping 60 bp jump on 4-year terms. There have been no changes made to 1-year terms on the same product.
These rising fixed rates signal mounting anticipation over an impending rise in the official RBA cash rate, which economists at all four major banks predict will move as early as June.
As a result, the overwhelming majority of fixed rates under 2% p.a. have disappeared from the market entirely.
RELATED: Are there any fixed home loan rates that start with a 1?
The table below shows the new fixed rates on the NAB Tailored Home Loan (Fixed) for owner-occupiers making P&I repayments.
NAB Tailored Home Loan (Fixed) (P&I) - 22 April 2022
| Term | Change | Current Rate |
| 1-year |
0 bp |
3.09% p.a. (4.52% p.a. comparison rate*) |
| 2-year | 50 bp | 4.09% p.a. (4.57% p.a. comparison rate*) |
| 3-year | 50 bp | 4.59% p.a. (4.67% p.a. comparison rate*) |
| 4-year | 50 bp | 4.89% p.a. (4.78% p.a. comparison rate*) |
| 5-year | 60 bp | 5.09% p.a. (4.89% p.a. comparison rate*) |
These new rates now represent NAB’s cheapest basic fixed home loan option.
Comparing their lowest rates with the other Big Four, we can get an idea about how NAB’s changes reshuffle the pecking order.
Big Four fixed rate home loans comparison (OO, P&I) - 22 April 2022
| Bank | Lowest 2-year rate | Lowest 5-year rate |
| CommBank |
3.94% p.a. (4.59% p.a. comparison rate*) |
4.64% p.a. (4.74% p.a. comparison rate*) |
| Westpac | 3.99% p.a. (4.61% p.a. comparison rate*) | 4.89% p.a. (4.85% p.a. comparison rate*) |
| ANZ | 4.04% p.a. (3.34% p.a. comparison rate*) | 4.94% p.a. (3.80% p.a. comparison rate*) |
| NAB | 4.09% p.a. (4.57% p.a. comparison rate*) | 5.09% p.a. (4.89% p.a. comparison rate*) |
Each of the Big Four banks have escalated their fixed rates in the past three weeks alone. The changes further push interest rates back to pre-pandemic levels and beyond, at a time when soaring house prices and costs of living continue to squeeze consumer wallets.
More than ever, keeping a finger on the pulse of the property market will give first home buyers a much needed advantage.
RELATED: Looking to buy a home? You'll need to know the property trends of 2022
Looking for a home loan? Use our fixed rate comparison tool to help find competitive rates.
-
Fixed Rate Home Loan
- Fixed rate
- Owner occupier
- Principal & Interest
- Interest only
- 20% min deposit
Go to site- Interest rate
-
5.49
%
p.a.
Fixed 2 years
- Comparison rate
-
5.96
%
p.a.
- Initial monthly repayment
-
$2,836
- Free extra repayments of up to $25,000 during the fixed rate period.
- Split loan available
- Weekly, fortnightly, or monthly repayment options
- interest rate
-
1 year - 5.69% p.a. (6.03% p.a. comparison rate)
2 years - 5.49% p.a. (5.96% p.a. comparison rate)
3 years - 5.59% p.a. (5.94% p.a. comparison rate)
4 years - 6.49% p.a. (6.23% p.a. comparison rate)
5 years - 6.49% p.a. (6.26% p.a. comparison rate)
- Fixed loan revert rate
-
6.04% p.a.
- Upfront fees
-
$300.00
- Ongoing fees
-
$0.00
- Discharge Fee
-
$395.00
- Package
-
-
- Maximum loan to value ratio
-
80.00%
- minimum borrowing amount
-
$20,000
- maximum borrowing amount
-
-
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest, Interest Only
- Availability
-
Owner Occupier
- Repayment options
-
Monthly
- Extra repayments
-
yes - free up to $25,000 during fixed period
- Redraw facility
-
no
- Minimum redraw amount
-
-
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
Legal and valuation fees charged at cost.
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about P&N Bank home loans
Go to site -
Fixed Home Loan
- Fixed rate
- Owner occupier
- Principal & Interest
- 5% min deposit
- Redraw available
- Cashback
Go to site- Interest rate
-
5.69
%
p.a.
Fixed 2 years
- Comparison rate
-
6.00
%
p.a.
- Initial monthly repayment
-
$2,899
- Get up to $4,000 cashback (T&Cs apply)
- Up to 12 months repayments in advance without penalties
- Split loan available
- interest rate
-
1 year - 5.89% p.a. (6.05% p.a. comparison rate)
2 years - 5.69% p.a. (6.00% p.a. comparison rate)
3 years - 5.69% p.a. (5.98% p.a. comparison rate)
4 years - 5.89% p.a. (6.03% p.a. comparison rate)
5 years - 5.89% p.a. (6.03% p.a. comparison rate)
- Fixed loan revert rate
-
5.99% p.a.
- Upfront fees
-
$799.00
- Ongoing fees
-
$6.00 monthly
- Discharge Fee
-
$350.00
- Package
-
-
- Maximum loan to value ratio
-
95.00%
- minimum borrowing amount
-
$10,000
- maximum borrowing amount
-
$5,000,000
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free up to 1 year in advance
- Redraw facility
-
yes - free
- Minimum redraw amount
-
$500.00
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
Monthly fee only applies to fixed period of loan.
- Other benefits
-
-
- Special Offers
-
$4,000 cashback for loans $750,000 and above with a maximum LVR of 80%, settled within 90 days of application for refinancers or 180 for purchase loans. $3,000 for loans between $500k and $749k, $2,000 for loans between $250k and $499k.
Read reviews and learn more about IMB Bank home loans
Go to site -
Fixed Home Loan
- Fixed rate
- Owner occupier
- Principal & Interest
- 10% min deposit
- Offset available
- Redraw available
Go to site- Interest rate
-
5.74
%
p.a.
Fixed 2 years
- Comparison rate
-
5.81
%
p.a.
- Initial monthly repayment
-
$2,915
- $0 application fee to pay
- Additional repayments up to $20,000/year
- Apply in as little as 15 minutes
- interest rate
-
1 year - 5.99% p.a. (5.84% p.a. comparison rate)
2 years - 5.74% p.a. (5.81% p.a. comparison rate)
3 years - 5.94% p.a. (5.86% p.a. comparison rate)
4 years - 6.14% p.a. (5.95% p.a. comparison rate)
5 years - 6.14% p.a. (5.98% p.a. comparison rate)
- Fixed loan revert rate
-
5.78% p.a.
- Upfront fees
-
$495.40
- Ongoing fees
-
$0.00
- Discharge Fee
-
$325.00
- Package
-
-
- Maximum loan to value ratio
-
90.00%
- minimum borrowing amount
-
$50,000
- maximum borrowing amount
-
$3,000,000
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free, up to $20,000 p.a.
- Redraw facility
-
yes - free online, fees apply for assisted redraws
- Minimum redraw amount
-
$1.00
- Offset account
-
yes - optional for $10 per month - comparison rate does not include this fee.
- Split account
-
-
- Other restrictions
-
Settlement fee comprises of upfront fee and loan processing fee. Valuation fee varies. Comparison rates displayed do not take into account the Optional Offset Account monthly fee.
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about NRMA Home Loans home loans
Go to site -
Flex Home Loan
- Fixed rate
- Owner occupier
- Principal & Interest
- 40% min deposit
- Offset available
- Redraw available
Go to site- Interest rate
-
5.79
%
p.a.
Fixed 2 years
- Comparison rate
-
6.07
%
p.a.
- Initial monthly repayment
-
$2,931
- Multiple offset accounts available
- Free extra repayments
- Easy redraw facility
- interest rate
-
1 year - 5.99% p.a. (6.10% p.a. comparison rate)
2 years - 5.79% p.a. (6.07% p.a. comparison rate)
3 years - 5.79% p.a. (6.07% p.a. comparison rate)
5 years - 5.79% p.a. (6.06% p.a. comparison rate)
- Fixed loan revert rate
-
5.84% p.a.
- Upfront fees
-
$250.00
- Ongoing fees
-
$250.00 yearly
- Discharge Fee
-
$300.00
- Package
-
-
- Maximum loan to value ratio
-
60.00%
- minimum borrowing amount
-
-
- maximum borrowing amount
-
-
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Minimum redraw amount
-
-
- Offset account
-
yes
- Split account
-
yes
- Other restrictions
-
If the valuation is over $360, ubank will cover the first $360. Home loans with a term of greater than 30 years will only be available for owner-occupied P&I 80% LVR purchase applications.
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about ubank home loans
Go to site
Your selected home loans
* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.
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