NAB has lifted fixed mortgage rates for the second time in a fortnight, stepping away from the sharpest pricing among the big four and putting more pressure on brokers trying to secure competitive deals for clients.
From 10 April, NAB increased all key owner‑occupier fixed terms by 0.3 percentage points, taking its lowest fixed rate to 6.34% for a one‑year term. That leaves Westpac holding the lowest fixed rate among the majors at 6.14% for a two‑year term, with CBA and ANZ clustered in the mid‑6% range across most terms.
For first‑home buyers and property investors, that means fewer options to lock in at levels meaningfully below current variable mortgage rates.
The shift comes amid a broader wave of repricing since the March RBA cash rate rise. Canstar’s rate tracking shows 74 lenders have hiked at least one fixed rate since the decision, with 38 moving since 1 April alone, including Westpac, ANZ, and now NAB.
In its March minutes, RBA also warned that monetary policy is likely to remain “restrictive” for some time to return inflation to target, making it less likely banks will sharply cut fixed mortgage pricing in the near term.
Sharp fixed offers are also disappearing fast. Canstar data shows just 29 lenders still have at least one fixed rate under 6%, down from 83 at the start of 2026. The lowest fixed rate in the market is now 5.49% for a one‑year term from Northern Inland Credit Union, with a handful of smaller players offering two‑ and three‑year fixes around 5.79%.
Canstar data insights director Sally Tindall said fixed rate increases are accelerating.
“Fixed rates hikes are now starting to balloon as lenders push their prices into higher ground,” Tindall said.
She warned that “this kind of rapid repricing is a warning shot – the window for locking in a sharper fixed rate is narrowing by the day,” and that “fixed rates under 6% now have a target on their back, with just 29 lenders offering rates below this mark.”
Latest ABS Lending Indicators show fixed‑rate loans now make up only a modest share of new home lending compared with the pandemic peak, when more than 40% of new mortgages were fixed.
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