NAB has Increased its Standard Variable Loan Interest Rates.
NAB are in the news stating that they will increase their Standard Variable Loan Interest Rate to 5.36% effective from January 31st 2019.
Headlines and stories such as this, have some people worried:
Pain for homeowners as NAB raises variable mortgage rates
Some homeowners will be hit with higher mortgage costs from the end of this month, as the National Australia Bank raises its interest rates for both owner-occupiers and investors with variable home loans.
ABC News 24 Jan 2019: Pain for homeowners as NAB raises variable mortgage rates
However, most people are already paying the higher rate, and have been been for some time. The NAB are actually the last of the major banks to raise their rates.
- Westpac is at 5.38% [comparison rate 5.52%p.a] (Effective Wednesday, 19 September 2018)
- ANZ is at 5.36% [comparison rate 5.46%p.a] (Effective 27 September 2018)
- CBA is at 5.37% [comparison rate 5.51%p.a] (Effective Thursday 4 October 2018)
- NAB increases to 5.36% [effective from January 31st 2019]
Sources:
September 2018
Commonwealth Bank of Australia has announced it will increase its variable home loan rates, following a sustained increase in funding costs.
All variable home loan rates will increase by 15 basis points from Thursday 4 October 2018.
For owner occupiers, the standard variable home loan rate will increase to 5.37% per annum.
www.commbank.com.au/…/rate-announcement.html
September 2018
ANZ today (6/9/18) announced it will increase variable home loan interest rates in Australia following the sustained rise in wholesale funding costs as well as consideration of business performance and market conditions
ANZ Standard Variable Home Loan Index for owner-occupiers will increase by 0.16% p.a. to 5.36% p.a.
www.anz.com.au/…/rate-changes
September 2018
Effective Wednesday, 19 September 2018, Westpac will be increasing our variable home loan rates by +0.14% p.a. Rate changes include:
Owner Occupier Principal & Interest Home Loan variable rate increasing by 0.14%p.a. to 5.38% p.a
www.westpac.com.au/…/latest-interest-rate-changes