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Variable and fixed rates plummet again

28/09/2011

Banks are unleashing aggressive home loan interest rate discounts to compete for customers as the lending market dries up.

Fixed rates have fallen by up to 0.65 of a percentage point in the past two months. Some variable rates fell by up to 0.15 of a percentage point.

Westpac is the latest to up the ante, yesterday announcing further fixed rate reductions of up to 0.2 of a percentage point.

Commonwealth recently vowed to beat any rate advertised by its big rivals until the end of this month on fixed or variable interest loans worth at least $100,000.

Source: Herald Sun



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