NAB hikes fixed home loans by up to 60 bp, joining Westpac as the Big Four make new moves

Collage of a young woman climbing increasing red bars.

On the heels of Westpac’s announcement only yesterday, NAB’s fixed home loans have joined the May climb upwards. Both owner-occupier and investment interest rates have been lifted, upticking by 60 basis points on 1-year terms. 

Below, the table shows the new fixed rates for NAB’s Tailored Home Loan (Choice Package) for owner-occupied mortgages with P&I repayments (LVR < 95%).

NAB Fixed Options Home Loan (P&I) - 27 May 2022

TermIncreaseNew rate
1-year+60 bp
3.59% p.a. (4.51% p.a. comparison rate*)
2-year+10 bp4.59% p.a. (4.64% p.a. comparison rate*)
3-year+50 bp4.99% p.a. (4.78% p.a. comparison rate*)
4-year+60 bp5.39% p.a. (4.99% p.a. comparison rate*)
5-year+50 bp5.49% p.a. (5.12% p.a. comparison rate*)

The move also puts NAB at least 20 bp higher than the lowest competing Big Four fixed rate loan.

Big Four fixed rate home loans comparison (OO, P&I) - 27 May 2022

BankProduct2-year rate5-year rate
CBA
Fixed Wealth Package3.79% p.a. (4.46% p.a. comparison rate*)
4.49% p.a. (4.67% p.a. comparison rate*)
ANZFixed home loan3.99% p.a. (3.38% p.a. comparison rate*)4.89% p.a. (3.92% p.a. comparison rate*)
WestpacPremier Advantage4.39% p.a. (4.10% p.a. comparison rate*)4.99% p.a. (4.54% p.a. comparison rate*)
NABTailored Choice4.59% p.a. (4.64% p.a. comparison rate*)5.49% p.a. (5.12% p.a. comparison rate*)

NAB’s latest move aligns with the increasing cost of home loans overall, as numerous lenders – not just the Big Four – have also announced variable raises in line with the RBA cash rate. The era of pandemic stimulus and low interest seems to be winding down, which is bad news for the 1.1 million borrowers who have never experienced an official cash rate above 0.10%. 

However, it’s not time to hit the panic button yet. While the housing market may be cooling down due to mounting mortgage costs, anticipating these fluctuations and budgeting for rate changes could see borrowers through. Price rises are inevitable over time.

Consider this latest hike a reminder that comparing home loan interest rates is the name of the game – and if push comes to shove, refinance.

Loan details

Rate change

Repayment change if rates go up

Rate talk got you worried? Read our guide for putting climbing interest in perspective.

You can also use our fixed rate comparison tool to see how different offers stack up.

Compare top home loans - last updated 13 August 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, loan amount and term entered. 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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