Melbourne, Australia – National Australia Bank (NAB) said there was more bad news for home owners as it raised interest rates for some borrowers by up to 0.6 per cent.
The reputed bank has announced that it will increase fixed interest rates for both owners and investors. These changes are said to be applicable to NAB Choice Package and Tailored Home Loans. Homeowners with a one-year fixed rate NAB Choice package will see their rate rise by 0.6 per cent and those with a two-year fixed rate by 0.3 per cent.
Those with a three-year fixed rate will see that increase by 0.55 percent. Borrowers with a four-year fixed rate will see their rate rise by 0.4 percent, while those with a five-year rate will see a 0.4 percent increase. For investors with a one- or two-year fixed rate, the increase will be 0.4 percent and three, four or five-year rates will increase by 0.55 percent. The rate of increase will be the same for those with tailored home loans. The new hike is expected to come into effect after Friday.
