Latest major lowers fixed mortgage rates

by Mackenzie McCarty14 Feb 2013

NAB is the latest of the majors to cut its fixed mortgage rates, as the banks clamour for credit growth and borrowers look to lock in cheap deals.

NAB will today cut its package interest rate for its one-year term by 15 basis points to 5.09% and its two-year offer by 35 basis points to 4.99%, their lowest in more than three years.

The bank, which sports the lowest variable rate of the majors at 6.38%, says the new rates mean NAB also leads its large rivals on one-year fixed offers.

NAB's announcement followes Westpac's decision last week to cut its packaged two-year fixed rate home loan by 40 basis points to 4.99%, the lowest since April 2009.

ANZ also lowered its fixed rates, while CBA cut its two year Advantage Package fixed rate to 4.99%.