National Australia Bank (NAB) has updated its interest rates
for new home loan contracts this week.
In general, the base variable rate for home loans paying interest only decreased from 5.13% to 4.98%, while the base variable rate for home loans for residential investments paying both principal and interest increased from 4.39% to 4.54%.
The variable interest rate for tailored home loans remained at 5.60%, but those opting for interest-only repayments can enjoy a lower interest rate at 5.70%, compared to last week's 5.89%.
Similarly, interest-only repayments for residential investments fell from 5.89% to 5.85%. Those paying the principal and interest at residential investments now have a 5.75% interest rate, 0.15% higher than last week's rate.
Interest rates increased by 0.15% for the NAB choice package for residential investments with a principal and interest payment scheme, while those with interest-only repayments get a 0.09% decrease across the board. There is also a 0.19% decrease in interest-only repayments for tailored home loan choice packages.
As for fixed interest rates, residential investments paying for principal and interest from one to five years all had a 0.15% rate increase. The same goes for choice packages for residential investments with a principal and interest payment scheme.
Interest-only payments for fixed home loans and choice packages fell by 0.19% while interest-only payments for fixed home loans for residential investments also decreased by 0.04%. Those with interest-only in advance payments for residential investments also had a 0.04% interest rate decrease.
Choice packages for residential investments with an interest-only payment scheme—both in arrears and in advance—had 0.04% lower interest rates.
It can be confusing to know whether to get a variable rate or fixed rate mortgage, and what features are important. That's why it's important to not only check the right rates, but make sure that you're getting the right features in your home loan. Get help choosing the right home loan