NAB raises fixed mortgage rates again
On the last day of drawdowns on the term finance facility, NAB again raised interest rates on fixed rate home loans, after doing so in May.
NAB has followed partner Westpac among the Big Four in increasing three- and four-year fixed-rate home loans up to 10 basis points, after making similar changes in May.
Rate increases have been applied to Choice Package loans and regular fixed-rate homeowners paying principal and interest (P&I).
The details of the latest changes are:
- Choice 2 Years Package: 10 basis points increase to 1.99% pa (comparison rate of 3.98% pa *)
- 3 Year Choice Package: Increase of 10 basis points to 2.08% per year (comparison rate of 3.86% per year *)
- 4 Years Choice Package: Increase of 5 basis points to 2.24% per year (comparison rate of 3.77% per year *)
- Custom fixed 2 years: Increase of 10 basis points to 2.09% per year (comparison rate of 4.22% per year *)
- 3 years fixed to measure: Increase of 10 basis points to 2.18% per year (comparison rate of 4.05% per year *)
- 4 years fixed tailor-made: Increase of 5 basis points to 2.34% per year (comparison rate of 3.93% per year *)
Previously, these home loans were among the first home loans from a major bank to be lowered below the 2% threshold – the three-year loan has now passed.
The last day for banks to draw cheap funds from the Reserve Bank’s term finance facility is today, which still had around $ 46.4 billion as of June 23.