NAB has announced a hike in interest rates for borrowers and investors, making homeowners worry as the rates continue to go up.
National Australian Bank (NAB) will look to increase the fixed rates for both investors and owner-occupiers, while the banking giant also confirmed the changes, which would be applicable to NAB Choice Package and the Tailored Home Loan.
The jump in interest rates will be a major hit for homeowners, as with the NAB Choice Package on a one-year fixed rate, the homeowners will see the rate soar by 0.6 per cent, while with the two-year fixed rate, the rate will rise as much as 0.3 per cent.
For a three-year fixed rate, there will be 0.55 per cent rise, a four-year fixed rate is in for a 0.4 per cent increase, while the borrowers with five-year fixed rates will see those go up by 0.4 per cent.
The new changed rates will come into play if anyone wants to change from a variable to a fixed-rate loan on or after Friday.
Investors will see a hike in rates as well, with an increase of 0.4 per cent for those with one or two-year fixed rates, while 0.55 per cent for those with three, four, or five years.
For those with the Tailored Home loan, the rate hikes will be similar.
