Lenders cut fixed rate mortgages

Lenders continue to chase more business with aggressive fixed rate pricing. The latest to offer a sharp fixed rate deal is CUA, which announced yesterday a three-year rate of 6.75 per cent. CUA and Heritage have the lowest three-year fixed rates, according to Infochoice. HSBC, ING Direct, BankWest, HomeSide, AMP, Aussie, Greater Building Society, Police & Nurses Credit Union, Rams and St George all have three-year rates below seven per cent.

Aussie cut its three-year rate two weeks ago. According to Infochoice, other lenders that have cut fixed rates in the past couple of weeks include ANZ, Bank of Queensland, St George, ING Direct, ME Bank, IMB, Australian Central Credit Union, and MyRate.com. CUA is offering the rate until the end of October, when the rate will revert to 6.89 per cent.

Source: Banking Day

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