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.
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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
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* 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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