NAB joins CBA and Westpac in raising fixed mortgage rates

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National Australia Bank (NAB) has become the latest major bank to increase interest rates on its fixed rate home loans, bumping up rates by between 10 and 20 basis points this morning.

This is the fourth time that NAB has lifted fixed rates since the start of November, with the latest changes impacting rates on both the bank’s Tailored Home Loan and the Tailored Home Loan (Choice Package) products.

Following the move, the lowest fixed rates now on offer from the bank are with the Tailored Home Loan (Choice Package) for owner occupiers (<95% LVR):

  • 1-year fixed rate: 2.64% p.a. (3.94% p.a. comparison rate*)
  • 2-year fixed rate: 2.89% p.a. (3.90% p.a. comparison rate*)
  • 3-year fixed rate: 3.34% p.a. (3.96% p.a. comparison rate*)
  • 4-year fixed rate: 3.54% p.a. (4.00% p.a. comparison rate*)
  • 5-year fixed rate: 3.69% p.a. (4.06% p.a. comparison rate*)

By comparison, this time last year fixed rates as low as 1.98% for 3-year and 4-year terms were on offer with the Choice Package loan.

NAB is not the only major lender to have upped fixed rates in recent weeks though, as the Commonwealth Bank increased its own rates by 5-20bp yesterday and Westpac lifted fixed rates in late January.

Here are the lowest advertised 1, 3 and 5-year fixed home loan rates currently available from ANZ, CBA, NAB and Westpac for an owner-occupier borrower with an LVR of 80%.

Lowest ‘Big four’ fixed home loan rates - February 4, 2022

1-year3-year5-year
ANZ2.39% p.a. (3.37% p.a. comparison rate*)2.99% p.a. (3.42% p.a. comparison rate*)3.59% p.a. (3.66% p.a. comparison rate*)
CBA2.59% p.a. (4.15% p.a. comparison rate*)3.24% p.a. (4.11% p.a. comparison rate*)3.79% p.a. (4.24% p.a. comparison rate*)
NAB2.64% p.a. (3.94% p.a. comparison rate*)3.34% p.a. (3.96% p.a. comparison rate*)3.69% p.a. (4.06% p.a. comparison rate*)
Westpac2.49% p.a. (3.64% p.a. comparison rate*)3.14% p.a. (3.66% p.a. comparison rate*)3.69% p.a. (3.86% p.a. comparison rate*)

The major banks have hardly been alone in raising their rates though - rather, they’ve been part of a host of lenders who have been rushing to lift fixed interest rates in the past few months.

According to numbers from the Mozo database, 78 mortgage lenders increased over 2,800 individual fixed home loan rates between the start of November and the end of January.

As a result of these recent increases the average fixed home loan rates in our database have skyrocketed, particularly on the longer 3, 4 and 5-year terms.

RELATED: Home loan rate check: How do ANZ, CBA, NAB and Westpac compare?

Interested in seeing how the fixed offers from the major banks stack up against other deals?

Start comparing offers from a range of Australian lenders using Mozo’s handy fixed rate home loan comparison tables, or check out some of the great rates in the table below.

Compare fixed rate home loans - last updated 24 April 2024

Search promoted home loans below or do a full Mozo database search. Advertiser disclosure
  • Mozo Expert Choice Badge
    Fixed Express Home Loan

    Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    5.99% p.a.
    fixed 2 years
    6.14% p.a.

    Lock in a low 2 year fixed rate with the Mozo award winning Home Lender of the Year. Available for live-in borrowers with just a 10% deposit required. Free extra repayments (up to 20% in fixed period), free redraw and partial offset available. $10 monthly service fee.

    Compare
    Details
  • Mozo Expert Choice Badge
    Fixed Express Home Loan

    Owner Occupier, Interest Only

    interest rate
    comparison rate
    Initial monthly repayment
    6.49% p.a.
    fixed 2 years
    6.39% p.a.

    Compare
    Details
  • Flex Home Loan

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

    interest rate
    comparison rate
    Initial monthly repayment
    5.99% p.a.
    fixed 3 years
    6.41% p.a.

    Competitive fixed rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 20% deposit required.

    Compare
    Details
  • Fixed Rate Loan with Orange Advantage

    Orange Advantage, Owner Occupiers, Principal & Interest, LVR <80%

    interest rate
    comparison rate
    Initial monthly repayment
    6.09% p.a.
    fixed 2 years
    6.16% p.a.

    Know exactly what your repayments will be, and you can fix your rate for up to 5 years. No monthly, annual fee or transaction fees. Free additional repayments (less than $10,000 p.a.). Valid for loans of $50,000 up to $2,000,000.

    Compare
    Details
  • Mozo Expert Choice Badge
    Fixed Express Home Loan

    Owner Occupier, Interest Only

    interest rate
    comparison rate
    Initial monthly repayment
    6.49% p.a.
    fixed 2 years
    6.39% p.a.

    Compare
    Details
  • Basic Home Loan

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

    interest rate
    comparison rate
    Initial monthly repayment
    6.09% p.a.
    fixed 3 years
    6.19% 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.

    Compare
    Details

* 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.

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.