NAB hikes longer-term fixed home loan rates

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National Australia Bank (NAB) has increased a number of its fixed home loan rates by between 10 and 30 basis points.

Implemented yesterday, the latest rate hikes from the major bank apply to 3, 4 and 5-year terms for owner occupiers on its fixed Tailored Home Loan products, while 1 and 2-year rates remain unchanged.

Following the changes, here are the latest rates available with NAB’s Tailored Home Loan (Fixed, Package) which are the lowest available from the bank:

Tailored Home Loan (Fixed, Package) - Owner occupiers, P&I repayments

Fixed rateRate change
1-year2.09% p.a. (4.16% p.a. comparison rate*)N/A
2-year1.99% p.a. (3.98% p.a. comparison rate*)N/A
3-year2.18% p.a. (3.70% p.a. comparison rate*)+10bp
4-year2.49% p.a. (3.69% p.a. comparison rate*)+25bp
5-year2.79% p.a. (3.73% p.a. comparison rate*)+30bp

NAB is not alone in lifting fixed home loan rates though. Fellow major bank Westpac did the same last month (on 4 and 5-year terms) as did the Commonwealth Bank (on 4-year terms). 

In fact, the tide has well and truly turned in recent months with a large number of lenders having hiked their longer-term fixed rates.

As a result, the 4 and 5-year fixed rate averages in the Mozo database have lifted by 22 and 19 basis points respectively since reaching low points in March.

Despite the latest hikes, NAB’s fixed rates remain relatively competitive among their big four counterparts, though as the table below shows, borrowers looking to lock in a rate will currently find sharper offers among other banks and lenders.

Lowest and average fixed rates - Mozo database (September 16, 2021)^^

TermRate leaderFixed rateMozo average
1-yearGreater Bank1.69% (3.50% comparison rate*)2.29%
2-yearHomestar1.79% (2.12% comparison rate*)2.24%
3-year86 4001.85% (2.58% comparison rate*)2.35%
4-yearTeachers Mutual Bank2.14% (2.90% comparison rate*)2.59%
5-yearFreedomlend2.47% (2.14% comparison rate*)2.81%

RELATED: Multiple lenders are offering $3,000 cashback to refinance your home loan

Thinking about locking in a rate on your mortgage while they’re still relatively low? Make the Mozo fixed home loan comparison hub your first port of call, where you’ll be able to compare loans from a range of lenders on everything from rates, features and fees - all in the one place!

Otherwise, start comparing straight away by checking out some of the competitive fixed offers highlighted in the table below.

Compare fixed home loans - last updated 20 August 2022

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

    Fixed, Owner Occupier, Principal & Interest, LVR<70%

    interest rate
    comparison rate
    Initial monthly repayment
    4.49% p.a.
    fixed 1 year
    3.81% p.a.

    No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $750,000.

    Details
  • Fixed Rate Home Loan

    Home Loan Package, Owner Occupier, Principal & Interest, LVR <80%

    interest rate
    comparison rate
    Initial monthly repayment
    5.57% p.a.
    fixed 1 year
    4.03% p.a.

    Ability to split your home loan between Fixed and Variable. Dedicated Relationship Manager. Min 20% deposit. Receive $3,288 cashback when you refinance an existing home loan of $250,000. Must apply by 31 August 2022 and settle by 31 October 2022.

    Details
  • Basic Home Loan

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

    interest rate
    comparison rate
    Initial monthly repayment
    4.55% p.a.
    fixed 1 year
    3.91% p.a.

    Get a flexible loan structure with up to six loan accounts with different rate types. Make free extra repayments. Enjoy free redraw facility. No upfront or ongoing fees. Option to earn Qantas points.

    Details
  • Mozo Expert Choice Badge
    Fixed Rate Home Loan

    Owner Occupier, Principal & Interest, LVR<80%

    interest rate
    comparison rate
    Initial monthly repayment
    4.99% p.a.
    fixed 1 year
    4.08% p.a.

    Competitive fixed rates across 1 to 5 year terms. No application fee or annual fee. Free extra repayments (up to $10,000 per year). Winner of Australia's Best Large Mutual Bank 2022.

    Details

^^Interest rates are based on an owner occupier making principal and interest repayments on a $400,000 loan with an 80% LVR. For more information on average mortgage rates, check out our dedicated Australian home loan statistics page.

* 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.

^See information about the Mozo Experts Choice Home Loan 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.