NAB has reduced its four-year fixed home loan package by 0.20% to 5.44%.

It is now at its lowest level in more than 20 years.

Your Mortgage’s home loan calculator shows the reduction will save first home owners about $48 a month for a loan of $400,000 on a loan term of 25 years, compared to the previous rate.

NAB has also cut its three-year fixed home loan by 0.05% to 5.14%.