National Australia Bank has raised interest-only mortgage rates by 35 basis points, following similar moves by ANZ and Westpac. The interest rate for owner-occupiers making interest-only repayments will rise to 5.77 per cent and the rate for investors will rise to 6.25 per cent. The bank has cut the rate for owner-occupiers making principal and interest repayments by eight basis points to 5.24 per cent. NAB chief operating officer Antony Cahill said in a media release: "We need to comply with our regulatory requirements, including APRA's 30 per cent limit on new interest-only lending for residential mortgages." Cahill said borrowers would not incur a fee if they switched from interest-only to principal and interest. Earlier this month, ANZ raised interest-only mortgage rates by 30 bps - up to 5.75 per cent for owner-occupiers and 6.26 per cent for investors. The bank cut principal and interest rates by five bps. Westpac raised interest-only rates by 34 bps to 5.83 per cent for owner-occupiers and 6.3 per cent for investors. It cut principal and interest rates by eight bps for owner-occupiers.