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Most lenders slash fixed rates

29/08/2011

More than 60 per cent of Australia’s lenders have now cut the interest on their fixed rate mortgage products. The largest movement in average rates has been in four-year fixed term home loans, which fell by 41 basis points.

By individual lender, the largest fixed rate drop this month was by Austral Mortgage, with a 116 basis point decrease to its three and four-year fixed rates.

Homeloans was not far behind, with a 105 basis point drop to some of its fixed rate home loans.

Three-year fixed rates are now as low as 6.39 per cent – 91 basis points below the average standard variable rate of 7.30 per cent.

Source: The Advisor



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