<div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><a href="https://www.9news.com.au/nab" rel="" target="_blank" title="NAB"><span>NAB</span></a><span> has broken ranks from the big four Australian banks, becoming the first to hike fixed rates after the Reserve Bank's </span><a href="https://www.9news.com.au/finance/australia-inflation-consumer-price-index-april-2026/c0beb0c1-47a9-4624-b392-6c718427449c" rel="" target="_blank" title="interest rate decision this month."><span>interest rate decision this month.</span></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The bank today raised its short-term fixed rate for loans by 0.15 percentage points.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Its lowest fixed-rate option is now well above six per cent, sitting at 6.49 per cent for a five-year term – and the surprise move could spell doom for borrowers hoping for some relief.</span></div></div><div><div id="adspot-mobile-medium"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>NATIONAL:</span></strong><span> </span><a href="https://www.9news.com.au/national/officeworks-offshores-jobs-overseas-to-philippines-and-india/f2676351-44cf-44d1-899a-f1df17547041" target="_blank" title="Officeworks to offshore jobs to India and Philippines in $15m restructure"><strong><span>Officeworks to offshore jobs to India and Philippines in $15m restructure</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/national/real-estate-bodies-say-federal-budget-will-increase-rent/fb13f81a-2699-4226-842e-f77544235f5e" target="_blank"><strong><span>Rents to jump 350 per cent under budget measures, modelling shows</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/national/free-public-transport-victoria-when-it-ends-and-what-you-need-to-know/672e8cb7-ff15-4f43-b97a-48b69120a879" rel="" target="_blank" title="Millions in one state to suddenly pay for trains, buses and trams again"><strong><span>Millions in one state to suddenly pay for trains, buses and trams again</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>NAB's unwelcome move follows the RBA's third </span><a href="https://www.9news.com.au/finance/rba-interest-rates-live-updates-may-2026-decision-latest-news-headlines/712337f5-b510-4280-9a17-a45d7826e847" rel="" target="_blank" title="consecutive rate hike on May 5."><span>consecutive rate hike on May 5.</span></a></div></div><div><div class="OUTBRAIN" data-reactroot="" data-src="//www.9news.com.au/national/nab-fixed-rate-increase-bank-hikes-fixed-rate-mortgages-after-may-rba-meeting/b993da99-8e04-46d1-a984-c0dda7406b00" data-widget-id="AR_5"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The RBA increased the cash rate up to 4.35 per cent, resulting in an extra $227 to $453 added to the average monthly mortgage repayments.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Canstar data insights director Sally Tindall said NAB's decision shows the rate-hiking cycle among Australian lenders has a long tail.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Fixed rates are often a window into what banks think is coming next," Tindall said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"NAB's decision to lift its short-term fixed rates suggests it's not ready to rule out further rate rises, even though the RBA will almost certainly hit pause next month."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Mortgage holders should brace for a tough second half of the year.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Tindall said borrowers are unlikely to be dealt a lucky hand for some time.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"The reality is, rates are likely to remain high for the foreseeable future and could well get one or two notches tighter," she added.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The RBA will meet again next month on June 15 and 16.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Westpac is leading the four major banks with the lowest fixed rate loan on offer, with a 6.29 per cent rate for a two-year term, according to data from Canstar.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The lowest rate outside of the big lenders still remains a touch below six per cent.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Norther Inland, Pacific Mortgage Group and Transport Mutual are offering a one-year fixed term loan at 5.99 per cent – the only three lenders with a fixed rate below six.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>At the start of 2026, there were 83 lenders offering at least one fixed rate hike under six per cent.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>However, the rate of home loans have not slowed despite the fresh boost of buyer anxiety hitting the property market.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Total residential home loans hit a record high of $2.48 trillion in the month of April.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Figures from the Australian Prudential Regulation Authority (APRA) show housing loans among deposit-taking institutions (ADIs) increased by $14.3 billion last month, an increase of 0.6 per cent on the month prior.</span></div></div>