NAB increases mortgage rates
April 21, 2009
National Australia Bank has confirmed it has raised interest rates on fixed home loans by 20 basis points carrying a two and three year term.
NAB's standard fixed rates for two-year home loans increased to 5.29 per cent on April 14, while the rate for three-year home loans lifted to 5.49 per cent on the same day.
The increase was due to higher funding costs, a NAB spokeswoman said.
'After the RBA decision earlier this month the cost of fixed rate loans has increased significantly,' she said.
ANZ Banking Group last changed its rates on fixed home loans on January 7, and no changes have occurred since then, a spokeswoman said.
ANZ charges 5.99 per cent on fixed home loans with one and two-year terms, and 6.19 per cent for a three-year term, 6.59 per cent for a four-year term, and 6.84 per cent for a five-year term.
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