ING Direct & St George cut fixed rates

Effective from 10 August, ING DIRECT will slash its one year fixed mortgage rate to 6.59 per cent, while it’s three and five year rates now sit at 6.69 per cent and 6.99 per cent.

St George Bank also slashed up to 20 basis points from its two and three year fixed rate home loans. From today, the lender will boast a two year fixed rate of 6.69 per cent and a three year fixed rate of 6.79 per cent.

ING DIRECT’s head of broker sales Mark Woolnough said, “There is an air of uncertainty among borrowers and we’ve seen an increased appetite for discounted fixed rates in the past few months as borrowers capitalise on the ability to effectively take an immediate rate cut.”

St George chief executive Rob Chapman said ongoing economic uncertainty had encouraged more borrowers to look at their fixed rate options.

Source: The Advisor