One of the big four banks has cut fixed interest rates, amid the ongoing cost of living crisis.
National Australia Bank has made cuts to its fixed mortgage rates for both owner occupiers and investors across all fixed-rate loan terms,
NAB has cut owner-occupier principal and interest fixed rates by up to 0.50 percentage points and investor and owner-occupier interest-only fixed rates by up to 0.65 percentage points, according to rate tracking by Canstar.
READ MORE: Joy, relief as hundreds of Aussies touch down from Lebanon
The bank’s lowest fixed rate is now 5.89 per cent for owner-occupiers paying principal and interest with a 40 per cent deposit or more.
This is the second time NAB has made cuts in the last two and a half months and follows on from Macquarie’s cuts to fixed rates last Thursday, Canstar said.
That’s despite the Reserve Bank holding rates.
READ MORE: Mass evacuations underway as storm of the century heads for US
Last month Australian borrowers were said to be crippled by billions in monthly home loan repayments as they desperately await rate cuts.
Data from the Reserve Bank Housing Loan has found mortgage holders were charged about $14.5 billion in June 2024 – a staggering 66 per cent of which was just interest charges.
This amount has increased by $5.5 billion compared to home loan repayments in March 2022, when about $9 billion was charged.
FOLLOW US ON WHATSAPP HERE: Stay across all the latest in breaking news, celebrity and sport via our WhatsApp channel. No comments, no algorithm and nobody can see your private details.
links to content on ABC
9News
