Fixed rates now well below variable rates

More than 14 lenders have cut fixed rates last week, with most amending their two- and three-year terms.

The average movements have been minus 0.28 per cent over one year, minus 0.25 per cent over two years, minus 0.25 per cent over three years and minus 0.45 per cent over four and five years.

The largest movements were: Over one year, Homeloans and MyRate cut by 0.4 per cent; Over two years, Homeloans cut 0.65 per cent, MyRate 0.6 per cent and Bankwest 0.55 per cent.

Over three years, Homeloans cut 0.65 per cent, Morgan Brooks 0.46 per cent and Bankwest 0.45 per cent. And over four and five years, Morgan Brooks cut 0.81 per cent, Commonwealth Bank 0.55 per cent (0.6 per cent over five) and most others, 0.40 per cent.

Source: The Age

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