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St George hikes fixed rates

Staff Reporter 3 minute read

St George has increased its fixed rate home loans lending weight to speculation that the best fixed rate deals may have already come and gone.

As of Wednesday this week, St George’s two, three, four and five year fixed rates are now all 30 basis points higher.

A two year fixed rate home loan with St George now sits at a rate of 5.74 per cent; borrowers can secure a three year fixed rate of 5.99 per cent.

The bank said high prices in long-term money markets were behind the decision.

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St George’s move to lift its fixed rates comes as speculation heats up over the best timing to lock in a fixed rate.

A straw poll on Mortgage Business earlier this month found 67 per cent of brokers thought fixed rates still had further to fall.

Industry figureheads are divided, with NAB Broker’s Matt Lawler telling brokers at a roundtable earlier this month that now was time to start talking to clients about fixing.

However ANZ’s CEO Mike Smith recently told a Brisbane luncheon he “wouldn’t be in a hurry” to fix.

 

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