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NAB announces raft of rate changes

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Huntley Mitchell 4 minute read

NAB Broker has unveiled a swathe of new fixed and variable home loan rates, while one of the bank’s mortgage funders has slashed rates by up to 60 basis points.

The major bank’s two-year fixed rate will now start at 3.75 per cent (with a 4.84 per cent comparison rate), while its three-year rate will start at 3.89 per cent (with a 4.79 per cent comparison rate), and its one-year and four-year rates will start at 3.99 per cent (with comparison rates of 4.97 per cent and 4.75 per cent respectively).

NAB Broker has also made further reductions on its Homeplus variable rate specials on new applications with a maximum LVR of 80 per cent and an aggregated loan amount of $250,000 or more.

For owner-occupiers, the rate will be 3.99 per cent for principal-and-interest loans (with a 4.17 per cent comparison rate) and 4.09 per cent for interest-only loans (with a 4.54 per cent comparison rate).

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For investors, the rate will start at 4.14 per cent for principal-and-interest loans (with a 4.31 per cent comparison rate) and 4.24 per cent for interest-only loans (with a 4.68 per cent comparison rate).

Steve Kane, general manager at NAB Broker, said the pricing changes reflect the bank’s commitment to delivering competitive products to the broker community.

“We are pleased to be continuing to offer a compelling proposition for our brokers and borrowers, and giving brokers the tools they need to stand out in the market,” he said.

Meanwhile, NAB-owned mortgage funder Advantedge has announced cuts of up to 60 basis points for some of its fixed-rate loan products.

The group’s four-year fixed rate has seen the biggest reduction, down 60 basis points, while its three-year and one-year rates have dropped by 15 basis points, and its two-year rate has been cut by four basis points.

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The new rates are available to all of Advantedge’s white-label partners.

Brett Halliwell, general manager of Advantedge, said the rate changes reinforced the group’s commitment to equip aggregators and brokers with the best possible products to stand out in the dynamic home loan market.

“With four fixed-rate terms under 4 per cent, Advantedge is clearly delivering sharp rates to our aggregator and broker partners,” he said.

“Our white-label products have always been simple, high-value and flexible, and these offers further demonstrate our competitiveness.”

[Related: ING Direct cuts rates for investors]

NAB announces raft of rate changes
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