NAB cuts 5-year fixed rates by 0.55%

National Australia Bank made a number of changes to its fixed rate suite today, cutting rates for both owner occupiers and investors by between 5 and 55 basis points.

The major bank reserved the largest cut for the 5-year term on the Tailored Home Loan (Choice Package). As of today, owner occupiers looking to fix long-term can now access rates as low as 2.24% p.a. (XX% p.a. comparison rate*).

Today’s reductions also saw headline rates for 3-year terms dip below the 2% mark, bringing them in line with NAB’s 4-year option, which has offered 1.98% p.a. (3.69% p.a. comparison rate*) since November last year.

NAB executive of home ownership, Andy Kerr said the new rates are among the lowest offered by the bank.

“Both our 3- and 4-year fixed rates for owner-occupiers paying principal & interest are now below 2 per cent, a level that would have seemed unbelievable just a few years ago. These changes will also offer our lowest ever rate to property investors,” he said.

Owner occupiers making principal and interest repayments:

  • 1 year: 2.09% p.a. (4.16% p.a. comparison rate*)
  • 2 year: 2.04% p.a. (3.99% p.a. comparison rate*)
  • 3 year: 1.98% p.a. (3.83% p.a. comparison rate*)
  • 4 year: 1.98% p.a. (3.69% p.a. comparison rate*)
  • 5 year: 2.24% p.a. (3.66% p.a. comparison rate*)

Investors making principal and interest repayments:

  • 1 year: 2.54% p.a. (4.73% p.a. comparison rate*)
  • 2 year: 2.44% p.a. (4.53% p.a. comparison rate*)
  • 3 year: 2.44% p.a. (4.37% p.a. comparison rate*)
  • 4 year: 2.94% p.a. (4.38% p.a. comparison rate*)
  • 5 year: 2.94% p.a. (4.28% p.a. comparison rate*)

Current interest rate settings have fast-tracked plans to buy for thousands of Australians, with promising economic signs leading NAB to predict a 10 per cent increase in capital city property prices over 2021.

“For the past few months home lending applications have been at their highest level in several years as buyers flock back into the market after a quiet period through the nationwide lockdowns,” Kerr said.

“We expect the current trends to continue in the near-term given the historic low rates and government support programs.”

For information about mortgage and lending trends, visit our home loan statistics page. And to see how NAB’s new rates stack up, check out our home loan comparison page, or browse the selection below.

Home loan comparisons on Mozo - last updated February 26, 2021

Search promoted home loans below or do a full Mozo database search. Advertiser disclosure.
  • Smart Booster Home Loan

    1 Year Discounted Variable Rate, Owner Occupier, Principal & Interest, <80% LVR

    interest rate
    comparison rate
    Initial monthly repayment
    1.99% p.a.variable for 12 months and then 2.48% p.a. variable
    2.47% p.a.
    Compare
    Details
  • Basic Home Loan

    Fixed, Owner Occupier, Principal & Interest, LVR 70-80%

    interest rate
    comparison rate
    Initial monthly repayment
    2.09% p.a.
    fixed 2 years
    2.56% p.a.
    Compare
    Details
  • Mozo Experts Choice 2020
    UHomeLoan - Discount Offer

    Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    2.34% p.a. variable
    2.34% p.a.
    Compare
    Details
  • Mozo Experts Choice 2020
    Celebrate Variable Home Loan

    <60% LVR, Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    2.19% p.a. variable
    2.19% p.a.
    Compare
    Details
  • Special Offer Reward Me Fixed Rate Home Loan

    Owner Occupier, LVR <80%, 300k+

    interest rate
    comparison rate
    Initial monthly repayment
    2.04% p.a.
    fixed 3 years
    2.73% p.a.
    Compare
    Details
placeholder

Talk to a Mozo home loans expert

Buying your first home, refinancing your existing home or thinking of investing? Speak to Steve, our home loans expert today!

Get Started

^See information about the Mozo Experts Choice Home Loans Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.