NAB joins CBA and Westpac in raising fixed mortgage rates
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-year | 3-year | 5-year | |
| ANZ | 2.39% 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*) |
| CBA | 2.59% 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*) |
| NAB | 2.64% 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*) |
| Westpac | 2.49% 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.
-
Promoted
Discount Fixed Rate
- Fixed rate
- Owner occupier
- Principal & Interest
- 20% min deposit
- Cashback
Go to site- Interest rate
-
4.89
%
p.a.
Fixed 2 years
- Comparison rate
-
5.42
%
p.a.
- Initial monthly repayment
-
$2,651
- $2,000 cashback for new loans (T&Cs apply)
- Up to $10,000 extra repayments annually
- One free residential valuation per application
- interest rate
-
2 years - 4.89% p.a. (5.42% p.a. comparison rate)
3 years - 4.99% p.a. (5.41% p.a. comparison rate)
4 years - 5.29% p.a. (5.48% p.a. comparison rate)
5 years - 5.29% p.a. (5.48% p.a. comparison rate)
- Fixed loan revert rate
-
5.39% p.a.
- Upfront fees
-
$150.00
- Ongoing fees
-
$10.00 monthly
- Discharge Fee
-
$350.00
- Package
-
-
- Maximum loan to value ratio
-
80.00%
- minimum borrowing amount
-
$150,000
- maximum borrowing amount
-
-
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free up to $5,000 p.a
- Redraw facility
-
no
- Minimum redraw amount
-
-
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
-
- Other benefits
-
-
- Special Offers
-
$2,000 cashback for new loans refinanced from another lender loans, until 31 Mar 26. Max 80% LVR, min $400k (T&Cs apply).
Read reviews and learn more about Bank of Queensland home loans
Go to site
-
Fixed Rate Home Loan
- Fixed rate
- Owner occupier
- Principal & Interest
- 5% min deposit
Go to site- Interest rate
-
4.65
%
p.a.
Fixed 1 year
- Comparison rate
-
5.43
%
p.a.
- Initial monthly repayment
-
$2,578
- No ongoing annual fees
- Make up to $25,000 extra repayments during a fixed period, fee free (T&Cs apply)
- Lock in for up to 5 years.
- interest rate
-
1 year - 4.65% p.a. (5.43% p.a. comparison rate)
2 years - 4.75% p.a. (5.37% p.a. comparison rate)
3 years - 5.29% p.a. (5.46% p.a. comparison rate)
4 years - 5.69% p.a. (5.58% p.a. comparison rate)
5 years - 5.69% p.a. (5.60% p.a. comparison rate)
- Fixed loan revert rate
-
5.48% p.a.
- Upfront fees
-
$300.00
- Ongoing fees
-
$0.00
- Discharge Fee
-
$395.00
- Package
-
-
- Maximum loan to value ratio
-
95.00%
- minimum borrowing amount
-
$20,000
- maximum borrowing amount
-
$5,000,000
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free up to $25,000 during fixed period
- Redraw facility
-
no
- Minimum redraw amount
-
-
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
Additional repayments allowed up to $25,000 during the fixed period.
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about BCU Bank home loans
Go to site -
Fixed Rate Home Loan
- Fixed rate
- Owner occupier
- Principal & Interest
- Interest only
- 20% min deposit
Go to site- Interest rate
-
4.65
%
p.a.
Fixed 1 year
- Comparison rate
-
5.48
%
p.a.
- Initial monthly repayment
-
$2,578
- Free extra repayments of up to $25,000 during the fixed rate period.
- Split loan available
- Weekly, fortnightly, or monthly repayment options
- interest rate
-
1 year - 4.65% p.a. (5.48% p.a. comparison rate)
2 years - 4.75% p.a. (5.42% p.a. comparison rate)
3 years - 5.29% p.a. (5.50% p.a. comparison rate)
4 years - 5.69% p.a. (5.62% p.a. comparison rate)
5 years - 5.69% p.a. (5.63% p.a. comparison rate)
- Fixed loan revert rate
-
5.54% p.a.
- Upfront fees
-
$300.00
- Ongoing fees
-
$0.00
- Discharge Fee
-
$395.00
- Package
-
-
- Maximum loan to value ratio
-
80.00%
- minimum borrowing amount
-
$20,000
- maximum borrowing amount
-
-
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest, Interest Only
- Availability
-
Owner Occupier
- Repayment options
-
Monthly
- Extra repayments
-
yes - free up to $25,000 during fixed period
- Redraw facility
-
no
- Minimum redraw amount
-
-
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
Legal and valuation fees charged at cost.
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about P&N Bank home loans
Go to site -
2-Year Fixed Simple Home Loan Special
- Fixed rate
- Owner occupier
- Principal & Interest
- 40% min deposit
- Refinance only
- Redraw available
Go to site- Interest rate
-
4.70
%
p.a.
Fixed 2 years
- Comparison rate
-
5.14
%
p.a.
- Initial monthly repayment
-
$2,593
- No application, ongoing or monthly fees
- Make unlimited extra repayments and access funds with free redraw
- Get up to $1,000 towards legal and valuation costs (T&Cs apply)
- interest rate
-
2 years - 4.70% p.a. (5.14% p.a. comparison rate)
- Fixed loan revert rate
-
5.24% p.a.
- Upfront fees
-
$0.00
- Ongoing fees
-
$0.00
- Discharge Fee
-
$175.00
- Package
-
-
- Maximum loan to value ratio
-
60.00%
- minimum borrowing amount
-
$300,000
- maximum borrowing amount
-
$2,000,000
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Minimum redraw amount
-
$0.00
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
First Option Bank will cover the first $1,000 of legal and valuation costs. Other external costs will be charged to the borrower.
- Other benefits
-
-
- Special Offers
-
-
-
2-Year Fixed Complete Home Loan Special
- Fixed rate
- Owner occupier
- Principal & Interest
- 40% min deposit
- Refinance only
- Offset available
- Redraw available
Go to site- Interest rate
-
4.70
%
p.a.
Fixed 2 years
- Comparison rate
-
5.62
%
p.a.
- Initial monthly repayment
-
$2,593
- Offset account can help you save on interest
- Make unlimited extra repayments and access funds with free redraw
- Get up to $1,000 towards legal and valuation costs (T&Cs apply)
- interest rate
-
2 years - 4.70% p.a. (5.62% p.a. comparison rate)
- Fixed loan revert rate
-
5.39% p.a.
- Upfront fees
-
$0.00
- Ongoing fees
-
$375.00 yearly
- Discharge Fee
-
$175.00
- Package
-
Complete Package
- Maximum loan to value ratio
-
60.00%
- minimum borrowing amount
-
$300,000
- maximum borrowing amount
-
$2,000,000
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Minimum redraw amount
-
$0.00
- Offset account
-
yes
- Split account
-
yes
- Other restrictions
-
First Option Bank will cover the first $1,000 of legal and valuation costs. Other external costs will be charged to the borrower.
- Other benefits
-
-
- Special Offers
-
-
-
Discount Fixed Rate
- Fixed rate
- Owner occupier
- Principal & Interest
- 20% min deposit
- Cashback
Go to site- Interest rate
-
4.89
%
p.a.
Fixed 2 years
- Comparison rate
-
5.42
%
p.a.
- Initial monthly repayment
-
$2,651
- $2,000 cashback for new loans (T&Cs apply)
- Up to $10,000 extra repayments annually
- One free residential valuation per application
- interest rate
-
2 years - 4.89% p.a. (5.42% p.a. comparison rate)
3 years - 4.99% p.a. (5.41% p.a. comparison rate)
4 years - 5.29% p.a. (5.48% p.a. comparison rate)
5 years - 5.29% p.a. (5.48% p.a. comparison rate)
- Fixed loan revert rate
-
5.39% p.a.
- Upfront fees
-
$150.00
- Ongoing fees
-
$10.00 monthly
- Discharge Fee
-
$350.00
- Package
-
-
- Maximum loan to value ratio
-
80.00%
- minimum borrowing amount
-
$150,000
- maximum borrowing amount
-
-
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free up to $5,000 p.a
- Redraw facility
-
no
- Minimum redraw amount
-
-
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
-
- Other benefits
-
-
- Special Offers
-
$2,000 cashback for new loans refinanced from another lender loans, until 31 Mar 26. Max 80% LVR, min $400k (T&Cs apply).
Read reviews and learn more about Bank of Queensland home loans
Go to site -
1-Year Fixed Simple Home Loan Special
- Fixed rate
- Owner occupier
- Principal & Interest
- 40% min deposit
- Refinance only
- Redraw available
Go to site- Interest rate
-
4.99
%
p.a.
Fixed 1 year
- Comparison rate
-
5.22
%
p.a.
- Initial monthly repayment
-
$2,681
- No application, ongoing or monthly fees
- Make unlimited extra repayments and access funds with free redraw
- Get up to $1,000 towards legal and valuation costs (T&Cs apply)
- interest rate
-
1 year - 4.99% p.a. (5.22% p.a. comparison rate)
- Fixed loan revert rate
-
5.24% p.a.
- Upfront fees
-
$0.00
- Ongoing fees
-
$0.00
- Discharge Fee
-
$175.00
- Package
-
-
- Maximum loan to value ratio
-
60.00%
- minimum borrowing amount
-
$300,000
- maximum borrowing amount
-
$2,000,000
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Minimum redraw amount
-
$0.00
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
First Option Bank will cover the first $1,000 of legal and valuation costs. Other external costs will be charged to the borrower.
- Other benefits
-
-
- Special Offers
-
-
-
Fixed Home Loan
- Fixed rate
- Owner occupier
- Principal & Interest
- 5% min deposit
- Redraw available
- Cashback
Go to site- Interest rate
-
4.99
%
p.a.
Fixed 2 years
- Comparison rate
-
5.47
%
p.a.
- Initial monthly repayment
-
$2,681
- Get up to $4,000 cashback (T&Cs apply)
- Up to 12 months repayments in advance without penalties
- Split loan available
- interest rate
-
1 year - 5.39% p.a. (5.55% p.a. comparison rate)
2 years - 4.99% p.a. (5.47% p.a. comparison rate)
3 years - 5.19% p.a. (5.48% p.a. comparison rate)
4 years - 5.59% p.a. (5.61% p.a. comparison rate)
5 years - 5.59% p.a. (5.62% p.a. comparison rate)
- Fixed loan revert rate
-
5.49% p.a.
- Upfront fees
-
$799.00
- Ongoing fees
-
$6.00 monthly
- Discharge Fee
-
$350.00
- Package
-
-
- Maximum loan to value ratio
-
95.00%
- minimum borrowing amount
-
$10,000
- maximum borrowing amount
-
$5,000,000
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free up to 1 year in advance
- Redraw facility
-
yes - free
- Minimum redraw amount
-
$500.00
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
Monthly fee only applies to fixed period of loan.
- Other benefits
-
-
- Special Offers
-
$4,000 cashback for loans $750,000 and above with a maximum LVR of 80%, settled within 90 days of application for refinancers or 180 for purchase loans. $3,000 for loans between $500k and $749k, $2,000 for loans between $250k and $499k.
Read reviews and learn more about IMB Bank home loans
Go to site -
1-Year Fixed Complete Home Loan Special
- Fixed rate
- Owner occupier
- Principal & Interest
- 40% min deposit
- Refinance only
- Offset available
- Redraw available
Go to site- Interest rate
-
4.99
%
p.a.
Fixed 1 year
- Comparison rate
-
5.71
%
p.a.
- Initial monthly repayment
-
$2,681
- Offset account can help you save on interest
- Make unlimited extra repayments and access funds with free redraw
- Get up to $1,000 towards legal and valuation costs (T&Cs apply)
- interest rate
-
1 year - 4.99% p.a. (5.71% p.a. comparison rate)
- Fixed loan revert rate
-
5.39% p.a.
- Upfront fees
-
$0.00
- Ongoing fees
-
$375.00 yearly
- Discharge Fee
-
$175.00
- Package
-
Complete Package
- Maximum loan to value ratio
-
60.00%
- minimum borrowing amount
-
$300,000
- maximum borrowing amount
-
$2,000,000
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Minimum redraw amount
-
$0.00
- Offset account
-
yes
- Split account
-
yes
- Other restrictions
-
First Option Bank will cover the first $1,000 of legal and valuation costs. Other external costs will be charged to the borrower.
- Other benefits
-
-
- Special Offers
-
-
Your selected home loans
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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. 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.
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