NAB, Westpac cut fixed interest rates
NAB has joined Westpac in cutting fixed interest rates on home loans.
NAB has joined Westpac in cutting fixed interest rates on home loans.
NAB announced it would cut would cut interest rates on its fixed rate products by up to 1.6 percentage points, effective today.
"Combined with our competitive variable rates, this gives our customers the benefit of locking in some certainty during these economically volatile times," NAB's Australia chief executive Ahmed Fahour said.
Earlier today, Westpac announced it would cut its fixed home loan rates by up to 1.1 percentage points.
The move will drop one year fixed rates to 7.19 per cent and push three year fixed rates to 6.99 per cent.
Bank spokesman Peter Hanlon said the move would help home buyers plan for the future.
"Well for those customers who want to take out a fixed loan to get greater certainty on their home loan repayments this is a fantastic move, because it enables people to save up to $250 on a $250,000 loan," he said.
Grim reality for Aussie businesses
Aussie businesses have been hit with a grim forecast for the year unless consumers change their spending habits.
RBA refuses to rule out more rate hikes
The Reserve Bank of Australia is steadfast in its fight against inflation, even if it means mortgage holders will pay even more in the coming months.
RBA makes call on mortgage stress
Aussie mortgage holders are in theory the most exposed to interest rates rises in the world, yet there is little evidence of a mortgage cliff, the RBA said.