National Australia Bank has slashed a slew of fixed home loan rates, as the COVID-19 economic downturn continues.
The major banking group has cut between five and 55 basis points off a number of fixed mortgages, with some owner-occupier loans dipping below 2 per cent.
NAB’s three-year fixed rate has been shaved by 11 basis points to 1.98 per cent, while its five-year fixed owner-occupier loan shed 55 basis points to 2.24 per cent.
NAB executive Andy Kerr said rates remained at historic low levels, fuelling a surge in demand within the residential property market.
“For the past few months, home lending applications have been at their highest level in several years as buyers flock back into the market after a quiet period through the nationwide lockdowns,” Mr Kerr said.
Canstar executive Steve Mickenbecker said NAB had lowered rates in part to remain competitive.
“Low cost funding has made fixed rates the playground for the big banks and while the Reserve Bank term funding facility remains available, the great deals should stay strong,” he said.
