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Fixed rate competition to heat up

Staff Reporter 1 minute read

Despite moves by the major banks to push up their fixed rates this month, NAB believes this is likely to reverse as banks seek to secure business as investors move back to the market.

Steven Shaw, NAB head of mortgages, said competition would erupt in the fixed rate home loan market.

"In the lead-up to the new financial year we’ll probably see more banks become competitive in the fixed-rate market," he said, according to The Daily Telegraph.

"I think the gap between variable rates and long-term fixed rates is going to narrow but it's hard to say by how much."

NAB, along with CBA and Westpac, surprised the market by moving to increase its fixed rates earlier this month.

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NAB’s three year fixed rate now sits at 5.49 per cent,compared to CBA and ANZ’s 6.19 per cent and Westpac’s 5.59 per cent.

 

Fixed rate competition to heat up
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