NAB Offers Fixed Home Loan Rates Under 3%

3 out of 4 of Australia’s largest banks are now offering fixed home loan rates of under 3%. That means huge things for the future of Australia, provided that customers are actually looking to lock themselves into a new home. 

The National Australia Bank cut some of its fixed interest rates on home loan contacts today, deciding to offer new package home loan options that come at under 3%. These deals are designed for owner-occupiers that are willing to lock themselves into their home loan for at least two or three years at a time. Additionally. The two and three-year fixed loans for owner-occupiers that pay interest and principal also have rats advertised at 2.98%, which is a huge discount on some of the comparative rates out there. 

Following Other Banks

The move to reduce prices comes following similar reductions from other major competitors in the market, including the Commonwealth bank and ANZ. Both of these companies are lowing their fixed rates for two and three-year terms with rates starting with a 2. This was a response to the cash rate cut made by the Reserve Bank in October. 

Financial experts have said that not many customers are talking about fixed rates at this time, with only around 10% of homeowners considering the option. The banks have a very favourable offer to help bring people into the door, but that won’t mean that homeowners will take the plunge and go for the fixed rates. Customers often think that rates will end up going down further, which means that they’ll want to stay with something more variable. Borrowers are typically very reluctant to fix and lean towards variable loans instead. 

According to Mickenbecker, lower wholesale funding costs for the banks had been the main factor that allowed the companies to offer lower fixed rates. He notes that today’s banks want to remain as competitive as possible in the changing market, and that fixed revenue rates Are a great strategy, because they allow the banks to establish a competitive rate in the market without having an impact on the margin earned from existing customers. 

Additionally, NAB recently lowered a number of fixed investment home loans across standard and package loan options. The fifth-largest bank in Australia also reduced a range of fixed rates, taking them down to under 3% for some of the principal and interest-paying owner occupiers in the space.

Keep up to date

get updates on properties, news and more across Melbourne

More To Explore


Living in apartments for any amount of time can get you feeling cooped up, hemmed in, and craving the outdoors. Humans and nature are inseparable, no matter how much we’ve evolved. The earth, sky, sunshine, greenery, and air calm and refresh us. One of the most straightforward solutions if you can’t go out to nature


5 Key Benefits of Apartments Over Other Types of Living

Photo by Bench Accounting on Unsplash Apartment living has become popular with people the world over. With space in cities becoming ever scarcer, the popularity of apartment living is not expected to dwindle any time soon. Australia’s apartment scene has exploded over the past few decades. The 2016 census report on apartment living notes that apartment occupancy surged


7 Steps To Take To Improve Your Credit Score

Credit scores determine the ease with which you can access credit facilities like loans, credit cards, and mortgages. Having a low credit score can be a challenging experience, especially at times when you need to access said credit but can’t. Loans or credit cards can be lifesavers and can get you out of a tight

Looking for a property?

Search across Melbourne with Buy Melbourne Apartments

Copyright Buy Melbourne Apartments 2019

Built with by Idea Engine

Sign in to see your favourite properties

Save your favourite properties and access them anytime. Your shortlisted properties will appear on this page.