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Fixed rate mortgages suddenly competitive

09/07/2010

Four of the big five banks have slashed rates on their fixed rate mortgages. Australia’s biggest mortgage lender CBA has cut more than 40 basis points off some of its owner occupied and investment home loan fixed rates. Loan Market national operations and risk manager Ivan Karamatic said the fixed rate market had suddenly become highly competitive. “Some fixed rate packages currently on offer are only slightly higher than some of the standard variable rates,” he said.

“In some instances the difference between a three year fixed rate and that of a standard variable is as little as 0.38 per cent. That’s only one or two RBA interest rate hikes away from mortgage holders being potentially better off with the fixed package.”

Source: The Advisor



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