NAB has followed its big-four bank stablemate Westpac in increasing three and four year fixed-rate home loans by up to 10 basis points, after it made similar changes back in May.
Rate increases were applied to 'Choice Package' loans and regular fixed-rate home loans for owner-occupiers paying principal and interest (P&I).
The details of the latest changes are:
- Choice Package 2 Years: 10 basis point rise to 1.99% p.a. (3.98% p.a. comparison rate*)
- Choice Package 3 Years: 10 basis point rise to 2.08% p.a. (3.86% p.a. comparison rate*)
- Choice Package 4 Years: 5 basis point rise to 2.24% p.a. (3.77% p.a. comparison rate*)
- Tailored Fixed 2 Years: 10 basis point rise to 2.09% p.a. (4.22% p.a. comparison rate*)
- Tailored Fixed 3 Years: 10 basis point rise to 2.18% p.a. (4.05% p.a. comparison rate*)
- Tailored Fixed 4 Years: 5 basis point rise to 2.34% p.a. (3.93% p.a. comparison rate*)
Previously, these home loans were some of the first home loans from a big four bank to be cut below the 2% threshold - the three year loan is now bumped above that mark.
The last day for banks to draw down cheap funding from the Reserve Bank's Term Funding Facility is today, which still had around $46.4 billion available as of 23 June.
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