Home Fixed interest NAB raises fixed rates on home loans, Macquarie cuts variable rates

NAB raises fixed rates on home loans, Macquarie cuts variable rates

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NAB raised interest rates on four homeowner loans: two packaged loans and two non-packaged loans.

These price increases apply:

  • Custom fixed P&I 4 years: Increase of 21 basis points to 2.29% per year (comparative rate of 3.91% per year*)
  • Custom fixed P&I 5 years: Increase of 25 basis points to 2.59% per year (comparative rate of 3.88% per year*)
  • Package of your choice P&I 4 years: Increase of 21 basis points to 2.19% per year (comparative rate of 3.76% per year*)
  • 5-Year P&I Choice Package: Increase of 25 basis points to 2.49% per year (comparative rate of 3.76% per year*)

The Choice Package’s 4-year loan is now out of the sub-2% range, after becoming one of the first loans from the Big Four banks to be cut below that threshold after the Bank’s cash rates fell reserve in November 2020.


Are you buying a house or looking to refinance? The table below shows home loans with some of the lowest interest rates on the market for homeowners.

Lender


Variable More details
REFINANCING ONLY
  • A low variable rate home loan from a 100% online lender. Supported by the Commonwealth Bank.
Variable More details
Variable More details
AN EASY DIGITAL APPLICATION
  • Get ahead with up to $4,000 cash back*
  • Unlimited additional refunds
  • Easy online application, quickly find out if you are approved!
  • *When you purchase or refinance a qualifying home loan. Apply before 11/30/22. Pay before 01/31/23. Exclusions and terms and conditions apply.


Basic criteria: a loan amount of $400,000, variable, fixed, principal and interest (P&I) real estate loans with an LVR (loan-to-value) ratio of at least 80%. However, the “Compare mortgages” table allows calculations to be made on the variables selected and entered by the user. Certain products will be marked as promoted, featured or sponsored and may appear prominently in tables regardless of their attributes. All products will list the LVR with the product and price list which is clearly published on the product supplier’s website. Monthly repayments, once the basic criteria are modified by the user, will be based on the advertised prices of the selected products and determined by the loan amount, repayment type, loan term and LVR as entered by the user. user/you. *The comparison rate is based on a loan of $150,000 over 25 years. Please note: this comparison rate is only true for this example and may not include all fees and charges. Different terms, fees or other loan amounts may result in a different comparison rate. Rates correct as of October 13, 2022. See disclaimer.

Meanwhile, Macquarie has cut a few variable home loans for homeowners and investors by up to 20 basis points:

  • Variable OO P&I 60% LVR: Reduction of 15 basis points to 2.34% per annum (comparative rate of 2.34% per annum*)
  • Variable OO P&I 70% LVR: Reduction of 15 basis points to 2.39% per annum (comparative rate of 2.39% per annum*)
  • Variable Investor P&I 60% and 70% LVR: Reduction of 20 basis points to 2.49% per annum (comparative rate of 2.49% per annum*)

In a note to brokers, Macquarie also said it had raised interest rates on four- and five-year fixed mortgages.

“We hope these great new rates and our industry-leading processing times open up more opportunities and conversations with your customers,” the note reads.

Macquarie’s current valuation timeframe is one day.

These changes follow the Tic:Toc lender’s cuts in variable loans and the increase in fixed loans yesterday, with Westpac, Aussie, UBankand Town Rates have risen, too, in recent weeks.

Also this week: UBank removes LMI for deposits by 15%, Athena cuts variable rates

Photo by Susan Q Yin on Unsplash


Disclaimer

The whole market has not been taken into account in the selection of the above products. Instead, a reduced portion of the market was considered. Products from some vendors may not be available in all states. To be considered, the product and price must be clearly published on the product supplier’s website. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au and Performance Drive are part of the Savings Media group. In the interest of full disclosure, Savings Media Group is associated with Firstmac Group. To learn how Savings Media Group handles potential conflicts of interest, as well as how we are paid, please visit the website links at the bottom of this page.