NAB cuts special offer variable rates and increases fixed rates

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NAB, along with other smaller lenders, 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 has made three changes to its mortgage lineup.

While lowering its one-year fixed rates by up to 15 basis points, it has also raised longer-term fixed rates by 10 basis points. These apply to both owner occupiers and packages.

The bank also lowered its variable rate as part of its special offer. Borrowers with up to 80% LVR will benefit from variable rates 40 basis points lower.

  • Fixed-Line Custom Choice Package – P&I 1 year 150k + – down 10bps to 1.99% pa (comparison rate of 4.15% pa)
  • Fixed Tailor-Made Choice Package – P&I 2 years 150k + – up 10bps to 2.09% per year (comparison rate of 4.00% per year)
  • Fixed Tailored Choice Package – P&I 3 years 150k + – up 10bps to 2.28% pa (comparison rate of 3.91% pa)
  • Fixed Tailor-Made Choice Package – P&I 5 years 150k + – up 20bps to 2.99% pa (comparison rate of 3.95% pa)
  • Choice Package Inv Tailored Fixed – P&I 1 year 150k + – down 15bp to 2.39% pa (comparison rate of 4.71% pa)
  • Choice Package Inv Tailored Fixed – P&I 3 years 150k + – up 10bps to 2.54% pa (comparison rate of 4.40% pa)
  • Choice Package Inv Tailored Fixed – P&I 4 years 150k + – up 5bps to 2.99% pa (comparison rate of 4.40% pa)
  • Choice Package Inv Tailored Fixed – P&I 5 years 150k + – up 15bps to 3.09% pa (comparison rate of 4.33% pa)
  • Base variable rate P&I special – down from 40bps to 2.29% pa (comparison rate of 2.33% pa)
  • P&I special offer with variable base rate> 80% – down from 5bps to 2.99% pa (comparison rate of 3.03% pa)

IMB

IMB has followed the current trend of rate movements, reducing its variable rate as part of the Budget Home Loan product and increasing its longer-term fixed rates.

  • P&I housing budget 70% – down 19 bps to 2.24% pa (comparison rate of 2.30% pa)
  • Fixed residential P&I 2 years – up 10bps to 2.07% pa (comparison rate of 2.90% pa)
  • Fixed residential P&I 3 years – up 10bps to 2.17% pa (comparison rate of 2.86% pa)
  • Fixed residential P&I 4 years – up 20bps to 2.69% pa (comparison rate of 2.97% pa)
  • Fixed residential P&I 5 years – up 20bps to 2.69% pa (comparison rate of 2.95% pa)

Gateway bank

Gateway Bank has made several reductions in its variable rates on several of its products.

One of the most notable was the 45 basis point cut to its Green Plus home loan, which puts its rate at one of the lowest in the industry at 1.89% per annum (benchmark rate of 2.24 % per year).

  • Variable premium 80% 150k + – down 45 bp to 2.14% pa (comparison rate of 2.49% pa)
  • Variable premium 80% 500k + – down from 35bps to 1.99% pa (comparison rate of 2.34% pa)
  • Green real estate loan – down 45 bp to 1.99% pa (comparison rate of 2.34% pa)
  • Green Plus real estate loan – down from 45bps to 1.89 pa (comparison rate of 2.24% pa)
  • Low-rate essentials – down from 26bps to 2.29 pa (comparison rate of 2.32% pa)
  • 80% 500k Low Rate Essentials Special Offer+ – down from 47bps to 2.04% pa (comparison rate of 2.07% pa)

Bendigo Bank

Bendigo Bank cut its one-year fixed rate by 35 basis points for both homeowners and investors.

Like other lenders, the bank has increased its long-term fixed rates.

  • Full P&I fixed mortgage 1 year – down 35 bps to 1.89% (comparison rate of 2.60% per year)
  • Full P&I fixed mortgage 4 years – up 20 bps to 2.74% (comparison rate of 2.76% pa)
  • Full P&I fixed mortgage 5 years – up 20 bps to 2.99% (comparison rate of 2.88% pa)
  • Investment Full real estate loan P&I fixed 1 year – down 25bp to 2.39% pa (comparison rate of 2.74% pa)
  • Investment Full real estate loan P&I fixed 4 years – up 10bp to 3.04% (comparison rate of 2.92% per year)

AMP Bank

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

  • Professional package Variable P&I investment ≤60% 500k + – down from 40bps to 2.34% pa (comparison rate of 2.76% pa)
  • Professional package Variable P&I investment 60-80% 500k + – down from 35bps to 2.44% pa (comparison rate of 2.86% pa)
  • Professional package Investment Construction 500k + ≤60% – down from 30bps to 2.79% pa (comparison rate of 2.86% pa)

Photo by Igor Miske on Unsplash.


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