NAB cuts rates on fixed rate home loans

NAB is now offering a two year fixed rate loan at 4.84%, and its three year fixed rate loan at 5.06% interest per annum as part of  its package deal.

The bank, which cut rates on its standard fixed loans to record lows in January, has dropped the interest rates on its packaged home loan products by five basis points for two year fixed rate loans and seven basis points for three year fixed rate loans, as reported by the Sydney Morning Herald. NAB has been contacted for confirmation.

Rates for its standard non-packaged loans at NAB are currently at 4.94% and 5.16% for two and three year fixed rate loans respectively.

None of Australia's other major banks have made a change to their interest rates this month ahead of the Reserve Bank of Australia's March cash rate decision.

Westpac is offering an interest rate of 5.04% per annum for its two year fixed rate loan, and 5.29% for its three year fixed rate loan. It also cut rates for its "premium advantage package" fixed rate home loans (where the loan value exceeds $150,000) last month. For those eligible for the package, two year fixed rate loans are offered at 4.84% interest per annum and three year loans are offered at 5.09%.

ANZ is currently offering two year fixed rate loans with its "breakfree package" at 4.89% interest per annum and 5.04% per annum for its pacakged three year fixed rate loans. Unpackaged standard  loans are offered by the bank at 5.04% and 5.28% for its two and three year fixed rate loans respectively.

The Commonwealth  Bank's packaged loans are offered with 4.84% interest for its two year fixed rate loan, the same rate now offered by Westpac. Its packaged three year fixed rate loan is currently offering an interest rate of 5.09% per annum The bank's two year standard fixed rate loan is at 4.99% per annum, while its standard non-packaged three year fixed rate loan is at 5.24%. 

jrichardson@propertyobserver.com.au