NAB cut investor interest only deals and outdo other big four

NAB cut investor interest only deals and outdo other big four
NAB cut investor interest only deals and outdo other big four

National Australia Bank have cut their three-year fixed investor interest only deals, making it the cheapest lender of the big four.

CBA have their rates at 4.29 percent, ANZ are at 4.49 percent and Westpac are the only one breaking the 4.5 percent barrier at 4.54 percent.

NAB were the last of the big four banks this month to announce it was moving a number of its fixed rate loans, with the other three making cuts earlier in March.

Some loans, such as the five-year fixed owner occupier principal and interest, has been by 50 basis points. It went from 4.59 percent to 4.09 percent.

Three-year, interest-only fixed deals for investors have dropped from 4.49 percent to 4.19 percent.

All the changes only apply to new fixed rates deals and not for existing borrowers.

NAB spokeswoman said the changes was a result of the bank wanting “to help Australians achieve their property goals.”

The Reserve Bank of Australia board this week kept the cash rate on hold at 1.5 per cent.

AMP Capital's Shane Oliver, among other experts, believes there may not be another cash rate move until later this year or in 2019.

 

 

Tags: 
Nab Investment Loans

Comments

Be the first one to comment on this article
What would you like to say about this project?