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Major cuts fixed rates by 10 points

by Nick Bendel7 minute read
The Adviser

One major bank has dropped rates to 20-year lows, with cuts of up to 10 basis points.

NAB announced yesterday the bank had cut two-year fixed rates from 4.89 per cent to 4.84 per cent,  three-year fixed rates from 5.13 per cent to 5.06 per cent and five-year fixed rates from 5.79 to 5.69 per cent.

According to NAB, the two-year fixed rate is now the lowest it has been in more than 20 years.

NAB’s group executive for personal banking, Gavin Slater, said the bank was a market leader when it came to rates.

“NAB is committed to driving competition in the banking industry and providing our customers with the best products and great service because what’s good for our customers is good for our business,” he said.

“We have seen increased demand for fixed-rate home loans in the past 12 months, so we know many homeowners are looking for certainty, whether they are investors or first home buyers, and NAB is offering that through these market-leading fixed home loan rates.”

Update: The Advisor incorrectly reported that ANZ had increased some of its fixed rates. Those increases applied to New Zealand rather than Australia. The article has been corrected.