NAB hikes longer-term fixed home loan rates
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 rate | Rate change | |
| 1-year | 2.09% p.a. (4.16% p.a. comparison rate*) | N/A |
| 2-year | 1.99% p.a. (3.98% p.a. comparison rate*) | N/A |
| 3-year | 2.18% p.a. (3.70% p.a. comparison rate*) | +10bp |
| 4-year | 2.49% p.a. (3.69% p.a. comparison rate*) | +25bp |
| 5-year | 2.79% 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)^^
| Term | Rate leader | Fixed rate | Mozo average |
| 1-year | Greater Bank | 1.69% (3.50% comparison rate*) | 2.29% |
| 2-year | Homestar | 1.79% (2.12% comparison rate*) | 2.24% |
| 3-year | 86 400 | 1.85% (2.58% comparison rate*) | 2.35% |
| 4-year | Teachers Mutual Bank | 2.14% (2.90% comparison rate*) | 2.59% |
| 5-year | Freedomlend | 2.47% (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.
Home loan comparisons on Mozo
-
Optimum Fixed Rate Home Loan
- Owner Occupier
- Principal & Interest
Go to site- Interest rate
-
5.69
%
p.a.
Fixed 3 years
- Comparison rate
-
6.34
%
p.a.
- Initial monthly repayment
-
$2,899
Lock in a competitive interest rate and enjoy peace of mind for the fixed period. Available for owner occupied new and refinanced home loans with at least 20% deposit. Split option available as well as offset and redraw. Noapplication, ongoing or banking fees. Third Party fees may be applicable - payable within loan repayments. Extra repayments up to $20K per annum permitted. Apply online, 100% member owned credit union.
- Interest rate
-
5.69
%
p.a.
Fixed 3 years
- Comparison rate
-
6.34
%
p.a.
- Upfront fees
-
$0
- Ongoing fees
-
$0.00
- Discharge fee
-
- Extra repayments
-
yes - free up to $20,000 p.a. during fixed rate term
- Redraw facility
-
yes - free
- Offset account
-
no
- Maximum loan to value ratio
- 80.00%
- Minimum borrowing amount
- -
- Maximum borrowing amount
- $2,500,000
- Type of mortgage
- Fixed
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special offers
- -
Read our Mozo Review to learn more about this South West Slopes Bank Optimum Fixed Rate Home Loan
-
Flex Home Loan
- Fixed
- Owner Occupier
- Principal & Interest
- LVR <60%
Go to site- Interest rate
-
5.99
%
p.a.
Fixed 3 years
- Comparison rate
-
6.34
%
p.a.
- Initial monthly repayment
-
$2,995
Competitive Fixed rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.
- Interest rate
-
5.99
%
p.a.
Fixed 3 years
- Comparison rate
-
6.34
%
p.a.
- Upfront fees
-
$250
- Ongoing fees
-
$250.00 yearly
- Discharge fee
-
$300.00
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Offset account
-
yes
- 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
- Special offers
- -
Read our Mozo Review to learn more about this ubank Flex Home Loan
-
Basic Home Loan
- Fixed
- Owner Occupier
- Principal & Interest
- LVR<70%
Go to site- Interest rate
-
6.25
%
p.a.
Fixed 3 years
- Comparison rate
-
6.20
%
p.a.
- Initial monthly repayment
-
$3,079
No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $10,000,000.
- Interest rate
-
6.25
%
p.a.
Fixed 3 years
- Comparison rate
-
6.20
%
p.a.
- Upfront fees
-
$350
- Ongoing fees
-
$0.00
- Discharge fee
-
$400.00
- Extra repayments
-
yes - up to $10,000 p.a.
- Redraw facility
-
yes - free
- Offset account
-
no
- Maximum loan to value ratio
- 70.00%
- Minimum borrowing amount
- $150,000
- Maximum borrowing amount
- $10,000,000
- Type of mortgage
- Fixed
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Monthly
- Special offers
- -
Read our Mozo Review to learn more about this Macquarie Basic Home Loan
-
Offset Home Loan
- Fixed
- Owner Occupier
- Principal & Interest
- LVR <70%
Go to site- Interest rate
-
6.25
%
p.a.
Fixed 3 years
- Comparison rate
-
6.42
%
p.a.
- Initial monthly repayment
-
$3,079
- Interest rate
-
6.25
%
p.a.
Fixed 3 years
- Comparison rate
-
6.42
%
p.a.
- Upfront fees
-
$350
- Ongoing fees
-
$248.00 yearly
- Discharge fee
-
$400.00
- Extra repayments
-
yes - up to $10,000 p.a.
- Redraw facility
-
yes - free
- Offset account
-
yes
- Maximum loan to value ratio
- 70.00%
- Minimum borrowing amount
- $150,000
- Maximum borrowing amount
- $10,000,000
- Type of mortgage
- Fixed
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Monthly
- Special offers
- -
Read our Mozo Review to learn more about this Macquarie Offset Home Loan
-
Fixed Rate
- Owner Occupier
- Principal & Interest
- <80% LVR
- Interest rate
-
6.54
%
p.a.
Fixed 2 years
- Comparison rate
-
7.10
%
p.a.
- Initial monthly repayment
-
$3,174
Enjoy up to $3000 cashback for eligible first home buyers and $2000 cashback for refinancers on eligible home loans with the ANZ Fixed Rate Home Loan. Get the security of repayment certainty with a competitive locked in rate. No ongoing fees to pay. Offset account on 1-year fixed loans ($10/month fee applies). Interest-only payments allowed.
- Interest rate
-
6.54
%
p.a.
Fixed 2 years
- Comparison rate
-
7.10
%
p.a.
- Upfront fees
-
$160
- Ongoing fees
-
$0.00
- Discharge fee
-
$160.00
- Extra repayments
-
yes - free up to to lesser of 5% of original fixed loan amount, or $5,000 each year
- Redraw facility
-
no
- Offset account
-
Optional - $10 per month - 1 year fixed term only
- Maximum loan to value ratio
- 80.00%
- Minimum borrowing amount
- $20,000
- Maximum borrowing amount
- -
- Type of mortgage
- Fixed
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special offers
- $3,000 cashback for eligible First Home Buyers, $2,000 cashback when you refinance loans of $250k+, apply from 1 Dec 2022, settle within 180 days.
Read our Mozo Review to learn more about this ANZ Fixed Rate
Interested in an ANZ home loan? Lendi specialists can help you refinance your home loan.
Compare 25+ lenders with our trusted partner, Lendi.
Talk to one of their experienced home loan specialists by answering a few questions online.
Want to speak to someone about refinancing?
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Your selected home loans
^^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. 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.
^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.
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