NAB has become the latest big bank to decrease some of its fixed home loan rates. In recent months, Westpac and Commonwealth Bank have both cut at least one home loan rate to below 2% p.a with only ANZ still yet to do so.

Now NAB has reduced various fixed, investment, interest-only and package home loans by up to 15 basis points. The lowest rate among the affected loans is 1.89%, belonging to the Choice Package Tailored Fixed loan for two years, paying principal and interest.

Another NAB loan cut to the sub 2% mark is the Tailored Fixed loan for two years (P&I), with an advertised rate of 1.99% (4.20% comparison rate).

These cuts by NAB follow a plethora of recent rate cuts, many of which were made to two-year fixed loans. Recently Homestar Finance cut out the competition, offering the lowest two-year fixed interest rate in history at just 1.74%, with its variable rate also the lowest at 1.79%: