NAB to raise interest rates – with investors to feel the pinch more.

From next Friday, NAB’s residential investment home loan variable rate will increase from 5.55 per cent to 5.8 per cent per annum.

NAB chief operating officer Anthony Cahill said given strong growth in the investor segment, it was essential that NAB continued to manage its investor portfolio responsibly.

“We’re committed to managing our investor lending growth in line with the regulator’s guidance,” Mr Cahill said.

Although it’s not just investors who will be hit, NAB is also increasing its standard variable rate for owner occupiers from 5.25 per cent to 5.32 per cent. For a NAB customer with a $300,000, 30-year loan, the change will amount to an extra $13 a month.

Read the full article here