NAB joins CBA and Westpac in raising fixed mortgage rates

By Tom Watson · · 2 min read
Fact Checked
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National Australia Bank (NAB) has become the latest major bank to increase interest rates on its fixed rate home loans, bumping up rates by between 10 and 20 basis points this morning.

This is the fourth time that NAB has lifted fixed rates since the start of November, with the latest changes impacting rates on both the bank’s Tailored Home Loan and the Tailored Home Loan (Choice Package) products.

Following the move, the lowest fixed rates now on offer from the bank are with the Tailored Home Loan (Choice Package) for owner occupiers (<95% LVR):

  • 1-year fixed rate: 2.64% p.a. (3.94% p.a. comparison rate*)
  • 2-year fixed rate: 2.89% p.a. (3.90% p.a. comparison rate*)
  • 3-year fixed rate: 3.34% p.a. (3.96% p.a. comparison rate*)
  • 4-year fixed rate: 3.54% p.a. (4.00% p.a. comparison rate*)
  • 5-year fixed rate: 3.69% p.a. (4.06% p.a. comparison rate*)

By comparison, this time last year fixed rates as low as 1.98% for 3-year and 4-year terms were on offer with the Choice Package loan.

NAB is not the only major lender to have upped fixed rates in recent weeks though, as the Commonwealth Bank increased its own rates by 5-20bp yesterday and Westpac lifted fixed rates in late January.

Here are the lowest advertised 1, 3 and 5-year fixed home loan rates currently available from ANZ, CBA, NAB and Westpac for an owner-occupier borrower with an LVR of 80%.

Lowest ‘Big four’ fixed home loan rates - February 4, 2022

1-year 3-year 5-year
ANZ 2.39% p.a. (3.37% p.a. comparison rate*) 2.99% p.a. (3.42% p.a. comparison rate*) 3.59% p.a. (3.66% p.a. comparison rate*)
CBA 2.59% p.a. (4.15% p.a. comparison rate*) 3.24% p.a. (4.11% p.a. comparison rate*) 3.79% p.a. (4.24% p.a. comparison rate*)
NAB 2.64% p.a. (3.94% p.a. comparison rate*) 3.34% p.a. (3.96% p.a. comparison rate*) 3.69% p.a. (4.06% p.a. comparison rate*)
Westpac 2.49% p.a. (3.64% p.a. comparison rate*) 3.14% p.a. (3.66% p.a. comparison rate*) 3.69% p.a. (3.86% p.a. comparison rate*)

The major banks have hardly been alone in raising their rates though - rather, they’ve been part of a host of lenders who have been rushing to lift fixed interest rates in the past few months.

According to numbers from the Mozo database, 78 mortgage lenders increased over 2,800 individual fixed home loan rates between the start of November and the end of January.

As a result of these recent increases the average fixed home loan rates in our database have skyrocketed, particularly on the longer 3, 4 and 5-year terms.

RELATED: Home loan rate check: How do ANZ, CBA, NAB and Westpac compare?

Interested in seeing how the fixed offers from the major banks stack up against other deals?

Start comparing offers from a range of Australian lenders using Mozo’s handy fixed rate home loan comparison tables, or check out some of the great rates in the table below.