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Bank slashes fixed rates

by Jessica Darnbrough7 minute read
The Adviser

Suggesting fixed rates aren't yet at the bottom of the cycle, one of Australia’s banks has trimmed a further 15 basis points from its one-year fixed rate.

Yesterday, ME Bank cut its one-year fixed Super Member Home Loan (SMHL) standard loan rate by another 0.15 per cent to 4.94 per cent per annum.

The bank also made cuts to its other one-year fixed home loans across the SMHL and Member Equity Home Loan ranges, including loans within a Member Package.

The move comes just days after an online straw poll of mortgage brokers found a majority believe we are not at the bottom of the fixed rate cycle.

According to the recent straw poll conducted by The Adviser, 56.9 per cent of brokers believe fixed rates have not reached their bottom.

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