NAB cuts fixed term mortgage rates to market-leading levels

14 February 2013

NAB has cut fixed interest rates across a range of terms to market-leading levels as borrowers look for value and certainty through fixing their home loan interest rate.

NAB lowered its package interest rate for its one year term by 0.15% to 5.09%p.a. and its two year term by 0.35% to 4.99%p.a – the lowest they’ve been for more than three years.

The new rates mean NAB leads all other major banks for price in the one year term and is equal first in the two, three and four year terms.

Acting General Manager Mortgages, Michael Shurlin said NAB was committed to being competitive and its market leading fixed rates were proof of that.

“We are committed to offering great value and certainty for our customers through our fixed term home loan rates,” he said.

“Our solid track record of offering the lowest standard variable interest rate of the major banks for more than 43 months speaks for itself, but as 2013 gets underway we want to continue extending that sort of value to our fixed rates.

“For people looking for a fixed rate home loan, our rates are now the lowest they’ve been since 2009 and offer great value across the one, two, three and four year terms.”

NAB also has the lowest standard variable home loan rate of the major banks at 6.38 per cent per annum.

Major banks’ fixed package principal and interest rate loans, current as at 14 February:

Term NAB (pa) ANZ (pa) CBA (pa) Westpac (pa)
1 year 5.09% 5.19% 5.19% 5.49%
2 year 4.99% 4.99% 4.99% 4.99%
3 year 5.29% 5.29% 5.29% 5.29%
4 year 5.64% 5.64% 5.64% 5.69%

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