NAB lifts fixed rates for new borrowers

NAB lifts fixed rates for new borrowers
NAB lifts fixed rates for new borrowers

National Australia Bank (NAB) has announced further changes for residential investor and owner-occupier borrowers.

The rate for NAB’s 1 Year Package Fixed Rate for Residential Investment Home Loan has risen to 4.29 percent p.a. for principal and interest repayments.

For the 1 Year Package Fixed Rate for Interest Only Residential Investment Home Loan, rates changed to 4.39 percent p.a.

Fixed rates for all other interest only owner occupier and interest only residential investment loans increased by 0.10 percent p.a. 

“We are operating within a dynamic financial, economic and regulatory environment, and it’s important that we regularly review our pricing and policy measures across all of our home loan products to ensure we continue to lend responsibly,” a spokesperson from NAB told Australian Broker.

The changes made to our fixed rates on Friday 7 April 2017 apply to new loan accounts only.

Throughout March and the beginning of April, the Mozo website saw a spate of interest rate hikes from 40 lenders, including all four of the big banks.

"Investors were hammered in this round of increases, with rates rising an average of 0.19% on principal and interest loans, and 0.23% on interest only," Steve Jovcevski at Mozo noted.

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