The major bank has announced mortgage rate reductions across some of its fixed-rate home loan products.
Following its decision to lift variable mortgage rates by up to 16 basis points earlier this year, NAB has announced that it has repriced its Tailored Home Loan for both owner-occupied and investment fixed rate mortgages, effective for new business from 7 March.
Fixed rates offered on the bank’s Tailored Home Loan (Choice Package) for owner-occupiers now start from 3.79 per cent for principal and interest loans, and from 4.34 per cent for interest-only loans.
Additionally, fixed rates on NAB’s Tailored Home Loan (Choice Package) for investors now start from 3.99 per cent for principal and interest loans, and from 4.18 per cent for interest-only loans.
The major bank is the latest lender to announce home loan interest rate reductions, with Adelaide Bank, Teachers Mutual Bank, and new mortgage market entrant Kogan Money Home Loans also repricing their products.
In an effort to fuel broker “momentum”, Adelaide Bank reduced its rates by up to 92 basis points, with TMB announcing reduction of up to 50 basis points.
Effective from 4 March, Kogan also reduced its headline variable home loan rate by 10 basis points, from 3.69 per cent to 3.59 per cent.
The lenders have cut mortgage rates despite several out-of-cycle interest rate hikes from lenders throughout 2018 and since the turn of the year.
AMP, MyState, NAB and its subsidiary UBank, Macquarie, the Bank of Queensland, Virgin Money, and ING have all announced rate increases since the start of the year, off the back of funding costs pressures.
[Related: AMP lifts mortgage rates]