NAB changes fixed rates for home loans
NAB has changed the interest rates on its fixed rate home loan products, making cuts to some while raising others.
The bank announced it would decrease the rate on its 1 year Package Fixed Rate to 3.89% for owner-occupiers and 3.99% for investors.
Along with the cuts, NAB also announced it would lift rates on its 2, 3 and 4 year Package Fixed Rates for owner-occupiers to 3.98%, 4.09% and 4.59%, respectively. Its 2, 3 and 4 year Package Fixed Rate for investors will raise to 4.19%, 4.29% and 4.79%, respectively. NAB also lifted its 5year Package Fixed Rate for investors to 4.79%.
“There are a range of factors that influence the funding that NAB – and all Australian banks – source, so we can provide home loans to our customers. The cost of providing our fixed rate home loans has increased over recent months,” NAB COO Antony Cahill said.
The announced changes apply from today, and affect new fixed rate home loans only. Cahill argued that the bank’s fixed rates remained competitive, and said fixed rates had increased in popularity.
“We know that fixed rate home loans have become increasingly popular with our customers. We saw these applications more than double as a share of total applications in December, compared to in September last year,” Cahill said.