find out which are the 3 remaining lenders

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Australia’s fourth-largest lender, NAB, today raised its four- and five-year fixed rates to 0.25%, following similar moves by Westpac and the CBA.

NAB was the last of the big banks to have a 4-year fixed rate below 2%. Today’s hike means its four-year low rate fell from 1.98% to 2.19%.

NAB Home Loan Modifications for Homeowners Paying Principal and Interest:

Lowest rates Old rate New rate Switch
4 years fixed

1.98%

2.19%

0.21%

5 years fixed

2.24%

2.49%

0.25%

Note: The above rates apply to homeowners paying principal and interest on a fixed price mortgage.

Analysis of the RateCity.com.au database:

  • Only 3 lenders now offer fixed 4-year rates of less than 2%, compared to 25 at the start of the year.
  • 30 lenders have increased at least a 4-year fixed rate in the past two months.
  • 1.95% is BankVic’s lowest 4-year fixed rate.
  • Other lenders who hiked 4-year rates last week include Macquarie Bank, QBank, and TicToc.

RateCity.com.au’s research director, Sally Tindall, said: “This NAB increase means that there are no major banks now offering four-year rates below 2%.”

“At the start of the year, 25 lenders were offering at least a four-year fixed rate of less than 2%. Now there are only three left, and they’re probably not going to keep those rates for long, ”she said.

“Banks are closing the door at record rates over four and five years. Three-year rates are expected to be next, potentially in the second half of this year.

“Four-year fixed rates are going to become less popular in the future, now that many of these ultra-low rates are no longer on the table,” she said.

Lenders offering at least a 4-year fixed rate of less than 2%:

BankVic: 1.95%

Illawarra Caisse populaire: 1.99%

ING: 1.99%

The lowest rates on RateCity.com.au database

Lender Rate
1 year fixed BCU

1.67%

2 years fixed Homestar Finance

1.74%

3 years fixed Credit Union SA

1.79%

4 years fixed Vic Bank

1.95%

5 years fixed Bank Australia

2.10%

Variable Reduce home loans

1.77%

RateCity.com.au. The rates are for homeowners who pay principal and interest. Certain LVR requirements apply.

The Big Four Banks’ Lowest Rates for Homeowner Home Loans

ABC Westpac ANZ NAB
1 year fixed

2.09%

1.99%

2.04%

2.09%

2 years fixed

1.94%

1.79%

2.04%

1.89%

3 years fixed

2.14%

1.88%

2.04%

1.98%

4 years fixed

2.19%

2.19%

2.24%

2.19%

5 years fixed

2.99%

2.49%

2.24%

2.49%

Variable

2.69%

2.19% for 2 years then 2.69%

2.72%

2.69%

Source: RateCity.com.au. Note: Westpac rates are a loan to value ratio of up to 70%. Variable NAB with compensation for loans of $ 750,000 and over.


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