NAB third major lender to lift rates

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National Australia Bank (NAB) has become the third major lender to announce interest rate hikes, with rate increases on the way for investors and owner-occupiers.

In communication sent out to brokers on Monday, NAB became the third major Australian bank to announce rate increases in recent times as lenders react to messages from the Australian Predential Regulation Authority

The NAB increases follow rate increases announced by ANZ and the Commonwealth Bank, as well as non-major lender, Macquarie Bank, however the NAB increases will hit investors and owner-occupiers.

Effective from August 10, NAB will increase interest rates on interest-only home loans and line of credit facilities by 0.29%.

Interest-only fixed rates for new customers will also be subject to the same increase.

In addition, NAB announced that existing variable rate loans with interest-only repayments will increase by 0.29% for the duration of the interest-only period, effective from 10 September 2015.

Existing interest-only applications impacted by the recent increase to investor pricing will be adjusted accordingly to reflect a total 0.29% increase, the lender said.

According to NAB, the changes are “in response to industry and regulator concerns to temper growth in investor lending.”

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