30/05/2026
NAB just became the first major bank to raise fixed home loan rates since the May cash rate decision — and the signal is worth paying attention to.
Their one-year and two-year fixed rates went up by 0.15 percentage points, taking the one-year to 6.49% and the two-year to 6.54%. It's not a massive jump, but it tells you something: the banks aren't confident the rate hiking cycle is finished.
Here's the number that stood out to me. At the start of this year, 83 lenders offered at least one fixed rate under 6%. Today? Just three. Fixed rates under 6% are almost gone.
Variable is now where the competition lives. Over 40 lenders still have variable rates starting below 6%, which is why almost 90% of the most competitive rates on the market right now are variable, not fixed.
Meanwhile, APRA data shows Australians added $14.3 billion in new housing debt in April alone — pushing the total mortgage market to a record $2.48 trillion. Borrowers are still active, but they're being more deliberate about where they borrow and at what rate.
If you haven't reviewed your home loan since the hikes started in February, this is a good time. On a $600,000 loan, the difference between a rate above 7% and one closer to 6% works out to roughly $350 a month. That's money you could be putting toward your family, your savings, or your next property.
Want to know where your rate sits? Call or text 0430 11 11 88, or DM us anytime.
