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NAB has become the first of the big four banks to cut fixed-term interest rates this year in what could be a “game-changer” for homeowners and prospective home buyers, but experts are urging caution. The major bank this week cut its three-year fixed rate on home loans by 0.6 per cent to 5.99 per cent. This cut equates to a monthly saving of $186 on a $500,000 loan, or $2229 per year, according to Mozo analysis. RateCity.com.
35 per cent will be its peak, with the Reserve Bank of Australia forecasted to drop the rate in November, February or May. ANZ and NAB economists forecast the rate will reduce to 3.6 per cent by the end of 2025, while Commbank and Westpac expect the rate to eventually settle at 3.1 per cent. It is not yet clear whether the board will make any changes to the cash rate or continue the pause ahead of its next decision in August.
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