Three year fixed rates plummet

Fixed rates have fallen sharply over the past month since the RBA cut the official cash rate by 0.50 per cent.

One-year fixed home loan rates fell by an average of 21 basis points during May. Three-year rates also fell by an average of 21 basis points, and five-year rates fell by an average of 22 points.

Low cost three-year fixed rates are between 5.6 per cent and 5.8 per cent, while low cost variable rates are around 5.8 per cent to six per cent.

Source: Banking Day

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