National Australia Bank (NAB) has, reportedly, slashed a range of fixed home loan interest rates, following increased competition in the mortgage market.
As part of its plan to bring its rates in line with rivals Commonwealth Bank and Westpac, NAB has cut its two-year fixed home loan interest rate by 0.05% to 4.84%, lowest in more than 20 years.
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NAB also cut its three- and five- year fixed home loan interest rates by 0.07% to 5.06% and by 1.10% to 5.69%, respectively.
The move by NAB came after it recently slashed its four-year mortgage rate to the lowest level in 20 years. With the latest cuts, NAB now has the lowest interest rates for one-, two-, three-, four- and five-year fixed home loans.
NAB personal banking group executive, Gavin Slater, said they have seen increased demand for fixed-rate home loans in the past 12 months, so they know many home owners 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.
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