Most lenders slash fixed rates

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