There are big savings for borrowers on fixed rates
Fixed-rate home loan rates continue to fall. In the popular three-year term market, the market leaders have cut rates to under 4 per cent.
It's impossible to say if these rates will fall further. That is the risk of fixing.
But acknowledging the potential savings – plenty of fixed rates are now much lower than the average discounted variable mortgage rate – about 4.8 per cent p.a.
About 30 lenders including Suncorp and ME Bank have reduced their three-year fixed mortgage rates in March and April 2015.
Source: The Age