NAB confirms rate hike on fixed rate mortgages

National Australia Bank has confirmed that it is raising interest rates on new fixed rate mortgages. NAB's standard fixed rates for two-year home loans increased by 0.20 per cent 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. "After the RBA decision earlier this month the cost of fixed rate loans has increased significantly," a NAB spokeswoman said.

The Reserve Bank cut the official cash rate to 3 per cent, it's lowest in rate in almost 50 years at the start of the month. 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.

Source: News Business