NAB turns into subsequent Massive 4 financial institution to hike charges

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NAB has become the next Big Four bank to up their fixed interest rates in January, continuing the rapid pace of rate movements seen at the end of last year.

CBA shifted upwards yesterday, following a move from Westpac last week. Now, only ANZ have not hiked their rate so far in 2022, and have actually cut their variable since the start of the year.

NAB has added 20 points to their 2-, 3- and 4-year rates, with ten point rises on their shortest and longest term fixed rates.

That takes their 1-year fixed to 2.64%, the highest among the Big Four, with their two-year and three-year also the highest at 2.89% and 3.34% respectively.

They tie with CBA for the highest fixed in the four-year category, with both at 3.54%. On the five-year, they are only behind CBA, with NAB at 3.69% and CBA at 3.79%,

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“NAB’s fixed rates are now up to 1.56 percentage points higher than they were 12 months ago. That’s a huge jump that’s likely to cause some borrowers to re-think their strategy,” said Sally Tindall of RateCity.

“Westpac and ANZ currently have the lowest rates out of the big four banks, however, with the cost of fixed rate funding continuing to increase, both lenders are likely to be mulling over further rate hikes.

“Analysis by RateCity.com.au shows the big four bank 3-, 4- and 5-year fixed rates are now above pre-pandemic levels.

“Within the next six months we could see a number of the longer-term big four bank fixed rates hit 4 per cent.

“There are still a handful of 1- and 2-year fixed rates under 2 per cent, but they’re becoming increasingly harder to find, which makes shopping around all the more important.”

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