NAB cuts special offer variable rates, hikes fixed rates

By Gerv Tacadena

Other smaller lenders also followed the trend of raising fixed rates while cutting variable rates.

NAB, along with other smaller lenders, has adjusted their fixed and variable rates ahead of the next RBA monetary policy meeting early next week.

The news came after other major banks, including CommBank, Westpac, and ANZ, adjusted their rates.

NAB

NAB made three changes in its mortgage line-up.

While it lowered its one-year fixed rates by up to 15bps, it has also raised the longer-term fixed rates by 10bps. These apply to both owner-occupier and fixed rates.

The bank also lowered its variable rate under its special offer. Borrowers with up to 80% LVR will enjoy variable rates that are 40bps lower.

  • Choice Package Tailored Fixed - P&I 1 yr 150k+ - down by 10bps to 1.99% p.a. (4.15% p.a. comparison rate)
  • Choice Package Tailored Fixed - P&I 2 yrs 150k+ - up by 10bps to 2.09% p.a. (4.00% p.a. comparison rate)
  • Choice Package Tailored Fixed - P&I 3 yrs 150k+ - up by 10bps to 2.28% p.a. (3.91% p.a. comparison rate)
  • Choice Package Tailored Fixed - P&I 5 yrs 150k+ - up by 20bps to 2.99% p.a. (3.95% p.a. comparison rate)
  • Choice Package Inv Tailored Fixed - P&I 1 yr 150k+ - down by 15bps to 2.39% p.a. (4.71% p.a. comparison rate)
  • Choice Package Inv Tailored Fixed - P&I 3 yrs 150k+ - up by 10bps to 2.54% p.a. (4.40% p.a. comparison rate)
  • Choice Package Inv Tailored Fixed - P&I 4 yrs 150k+ - up by 5bps to 2.99% p.a. (4.40% p.a. comparison rate)
  • Choice Package Inv Tailored Fixed - P&I 5 yrs 150k+ - up by 15bps to 3.09% p.a. (4.33% p.a. comparison rate)
  • Base Variable Rate P&I Special Offer <80% - down by 40bps to 2.29% p.a. (2.33% p.a. comparison rate)
  • Base Variable Rate P&I Special Offer >80% - down by 5bps to 2.99% p.a. (3.03% p.a. comparison rate)

IMB

IMB followed the current trend in rate movements, slashing its variable rate under Budget Home Loan product and increasing its longer-term fixed rates.

  • Budget Home Loan P&I ≤70% - down by 19 bps to 2.24% p.a. (2.30% p.a. comparison rate)
  • Residential Fixed P&I 2 yrs - up by 10bps to 2.07% p.a. (2.90% p.a. comparison rate)
  • Residential Fixed P&I 3 yrs - up by 10bps to 2.17% p.a. (2.86% p.a. comparison rate)
  • Residential Fixed P&I 4 yrs - up by 20bps to 2.69% p.a. (2.97% p.a. comparison rate)
  • Residential Fixed P&I 5 yrs - up by 20bps to 2.69% p.a. (2.95% p.a. comparison rate)

Gateway Bank

Gateway Bank has made several cuts to its variable rates across several of its products.

One of the most notable was the 45bps cut to its Green Plus Home Loan, which puts its rate at one of the industry’s lowest at 1.89% p.a. (2.24% p.a. comparison rate).

  • Premium Variable 80% 150k+ - down by 45bps to 2.14% p.a. (2.49% p.a. comparison rate)
  • Premium Variable 80% 500k+ - down by 35bps to 1.99% p.a. (2.34% p.a. comparison rate)
  • Green Home Loan - down by 45bps to 1.99% p.a. (2.34% p.a. comparison rate)
  • Green Plus Home Loan - down by 45bps to 1.89 p.a. (2.24% p.a. comparison rate)
  • Low Rate Essentials - down by 26bps to 2.29 p.a. (2.32% p.a. comparison rate)
  • Low Rate Essentials 80% Special Offer 500k+ - down by 47bps to 2.04% p.a. (2.07% p.a. comparison rate)

Bendigo Bank

Bendigo Bank lowered its one-year fixed rate by 35bps for both owner-occupiers and investors.

Similar to other lenders, the bank increased its longer-term fixed rates.

  • Complete Home Loan Fixed P&I 1 yr - down by 35 bps to 1.89% (2.60% p.a. comparison rate)
  • Complete Home Loan Fixed P&I 4 yr - up by 20 bps to 2.74% (2.76% p.a. comparison rate)
  • Complete Home Loan Fixed P&I 5 yrs - up by 20 bps to 2.99% (2.88% p.a. comparison rate)
  • Investment Complete Home Loan Fixed P&I 1 yr - down by 25bps to 2.39% p.a. (2.74% p.a. comparison rate)
  • Investment Complete Home Loan Fixed P&I 4 yrs - up by 10bps to 3.04% (2.92% p.a. comparison rate)

AMP Bank

AMP Bank made some adjustments to its investment mortgage products, lowering the rates under its Professional Package Investment line.

  • Professional Package Investment Variable P&I ≤60% 500k+ - down by 40bps to 2.34% p.a. (2.76% p.a. comparison rate)
  • Professional Package Investment Variable P&I 60-80% 500k+ - down by 35bps to 2.44% p.a. (2.86% p.a. comparison rate)
  • Professional Package Investment Construction 500k+ ≤60% - down by 30bps to 2.79% p.a. (2.86% p.a. comparison rate)

Photo by Igor Miske on Unsplash.

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