NAB have hiked rates across all 2, 3 and 4-year fixed mortgages for owner-occupiers. The Big Four bank will jump their three year rate back above the symbolic 2% threshold, with the 2-year rate now barely under at 1.99%, up 10 points.
3-year rates go up to 2.08%, also a ten basis point shift, with the 4-year rate hiking to 2.19%, a rise of five basis points.
That leaves Westpac as the only Big Four bank to still have a 3-year fixed rate under 2%. ANZ have one, two and three-year options all at 2.04%.
The move comes ahead of the end of the term funding period tomorrow, when the cost of money to major lending institutions will change.
CBA had foreshadowed the rate rises by predicting that the RBA cash rate would move ahead of their planned scheduled rise in 2024, with their leading economic saying that late 2022 was more likely.
It was a red letter day for NAB, who also announced the extension of their partnership with Australia Post.
They locked in their existing relationship for another decade, with NAB customers continuing to be able to perform banking at branches of Australia Post.
There will be a significant extension of services after October 1, including business facilities and a higher withdrawal limit for personal banking customers.
NAB will also increase in person time at [email protected] branches, with an employee on site for a half day a week to assist customers.
“This renewed partnership provides certainty for our customers, knowing that for at least the next 10 years, they will have access to essential banking services through this national network of Post Offices,” said Rachel Slade, NAB Group Executive Personal Banking.
“Together with our branch network, this partnership means our customers have more than 4000 locations they can bank with us. It provides extra support, particularly for those remote and rural customers, to be able to access face-to-face banking services.”