NAB and Commonwealth neck and neck for five year fixed rate loans

The National Australia Bank and Commonwealth Bank are both offering their five year fixed rate loan product at 4.59% ahead of today's Reserve Bank announcement.

Their five year fixed loans rates are 10 basis points lower than that offered at Westpac, which has a 4.69% rate on its comparable product.

ANZ's interest rate is higher still, at 4.74%.

However, the lowest interest rates on five year fixed products are still offered by minor lenders. UBank's five year fixed rate is at 4.37%, and Newcastle Permanent is offering a 4.39% rate on its five year fixed loan.