NAB has raised all its long-term fixed rates by 30 points in an important signal for the mortgage market.
The decision to increase rates is not unexpected given prevailing market conditions, but the size of the increase clearly shows that NAB is preparing for a cash rate increase in 2024.
The two-year flagship rate remains below the symbolic 2% threshold, but is now the only rate NAB will offer at that level.
Some banks, notably fintech 86,400, still have a three-year fixed term below 2%, with the NAB-owned digital lender at 1.85%.
More to follow