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National Australia Bank (NAB) is increasing its interest rates on tailored home loan and choice package fixed-rate products.

Effective Friday, the increases of up to 0.30 per cent apply to all new tailored and choice package loans or customers applying to switch from a variable to a fixed rate, or refix their loan, on or after July 21.

It means interest paid on those loans now ranges from 6.39 per cent to 6.74 per cent per annum.

The changes don’t affect existing fixed-rate loans.

The change comes weeks after the Reserve Bank of Australia (RBA) board left the official cash rate on hold at 4.1 per cent for July.

Predictions from the big four at the time of writing have NAB and Westpac forecasting a peak of 4.6 per cent by the September meeting, meaning two more rate rises.

CBA says there will be at least one more rise in that time, up 25 basis points to 4.35 per cent.

ANZ remains the optimists of the group, predicting the rate will remain on hold for the remainder of 2023.

However, these figures are likely to be revised when June’s inflation figures are released by the ABS on Wednesday.

RBA governor Philip Lowe will not have his position renewed in September, with the federal government paving the way for his deputy Michele Bullock to take over as the first woman to lead the central bank.

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By Rahul

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