NAB cuts fixed term mortgage rates to offer five under five



National Australia Bank has again cut fixed interest rates to their lowest level in more than 20 years. NAB has today announced it will lower the Choice package interest rate for its three-year term by 0.11% to 4.94%p.a, its four-year term by 0.45% to 4.99%p.a. and its five-year term by 0.70% to 4.99%p.a.

The cuts mean NAB is offering rates of less than five per cent across its one, two, three, four and five-year packaged home loans. These rates will be effective from Friday 25 July. ‘

“NAB is not just cutting its five-year rate, we’re also cutting the three and four-year rates – that gives our customers the choice of five rates under five per cent,” NAB Group Executive Personal Banking Gavin Slater said.

“NAB is committed to driving competition in the banking industry and providing our customers with the best products and great service, because what’s good for our customers
is good for our business.

“It’s good to see some of our competitors try and catch up.” Mr Slater said NAB had seen an increased demand for fixed-rate home loans in the past 12

“We 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,” he said.

“NAB has led the industry in making banking fairer and simpler for customers for five years through measures such as the abolition of numerous fees and offering competitive rates.”

Major banks’ announced packaged fixed principal and interest rates as at 23 July:

Term NAB (pa) ANZ (pa) CBA (pa) Westpac (pa)
1 year 4.79% 4.79% 4.79% 4.79%
2 year 4.84% 4.84% 4.84% 4.84%
3 year 4.94% 5.05% 5.09% 5.09%
4 year 4.99% 5.64% 5.59% 5.49%
5 year 4.99% 5.79% 4.99% 5.79%



Related Articles

  • Half Year Results

Video: NAB CEO Andrew Irvine discusses 2024 Half Year Result

In this video interview NAB CEO Andrew Irvine reflects on NAB’s 2024 Half Year Results, economic conditions and the bank’s strategic direction.

  • 02.05.2024
  • Time to read 1 min read
  • Half Year Results

NAB announces 2024 Half Year Results

NAB has today released its 2024 Half Year Results to the market.

  • 02.05.2024
  • Time to read 1 min read
  • Executive Team

NAB Executive Leadership Team changes

National Australia Bank Group Chief Executive Officer Andrew Irvine has announced changes to NAB’s Executive Leadership Team.

  • 10.04.2024
  • Time to read 2 min read

Quick links

National Australia Bank — NAB

Sometimes When The Unexpected Happens, We Realise What We Truly Value. Whether A Home, Farm, Business Or Your Passion, NAB Is Here To Support You.

Business Research and Insights

For more business news and analysis, visit NAB’s Business Research and Insights.