NAB has become the first of the big four banks to cut fixed-term interest rates, a move that signals an official rate drop may be on the horizon.
The nation's third-largest home loan lender has cut its three-year fixed rate for owner-occupiers paying principal and interest by 60 basis points, taking it down to 5.99 per cent.While fixed-rate mortgages had been commonplace during the pandemic when the official cash rate was hovering at 0.1 and 0.25 per cent, they're now at near-historic lows.
"It's hard to see people flocking back to fixed rates, but this rate under 6 per cent from NAB is designed to test this. " Bullock has said the cash rate is in 'restrictive territory', which means it's likely to come down at some point, however, not even the RBA knows exactly when that will be, by how much, and whether we're likely to see more hikes before then."
"This aggressive rate cut by NAB could be a response to ANZ's acquisition of Suncorp, and is a clear bid to lure customers by betting on future cash rate reductions.
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