Staff Reporter
The competition between lenders around fixed rates shows no signs of slowing, with two lenders yesterday cutting their interest rates.
Effective from today, intouch Finance will cut its two year fixed rate to just 6.59 per cent, while its new three year fixed rate will sit at 6.74 per cent.
Meanwhile, AMP has trimmed up to 30 basis points from its one, two and three year fixed rate products.
From today onwards, AMP will offer a one year fixed rate of just 6.34 per cent and a two and three year fixed rate of 6.39 per cent.
Intouch chief executive Paul Ryan said while fixed rate products have some limitations now is a good time for borrowers to look around and see what is available.
“One thing consumers might want to think about is what we call a part fixed part variable loan – you can lock in a portion of your loan to create certainty and then have all the benefits available on the remaining portion under the variable rate option where you can pay off the loan as quickly as possible,” Mr Ryan said.
