NAB hikes interest-only rates again

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In secret, via the AFR:

National Australia Bank is raising rates again, its fifth change in rates, policies and marketing in a month.

NAB is making changes to fixed rate mortgages, which means it only applies to new loans. The changes, which were introduced last Friday, have not been publicly announced.

The one-year fixed rate for residential investment home loans are up more than 10 basis points to 4.29 per cent for principal and interest.

The one-year fixed rate for interest only residential investment home loans are also rising by more than 10 basis points to 4.39 per cent for interest only repayments.

Fixed rates for all other interest only owner occupier and interest only residential investment loans are increased by 10 basis points.

About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.