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Five lenders announce rate changes

by Nick Bendel7 minute read
The Adviser

Three major banks have cut their three-year fixed rates, while two non-majors have increased their fixed rates.

Westpac, ANZ and NAB Broker have reduced their rates, while Heritage Bank and AMP have gone the other way.

Westpac has followed last month’s cut to its Premier Advantage package by reducing its three-year fixed rates by 26 basis points.

ANZ has made cuts of six basis points to its three-year fixed rate, which is now 5.28 per cent, and its Breakfree package, which has fallen to 5.13 per cent.

NAB Broker and Homeside Lending have also reduced their three-year fixed rates by one basis point.

Meanwhile, Westpac’s one-year fixed rate has risen from 5.39 per cent to 5.49 per cent, while Heritage Bank’s two-year fixed rates have risen from 4.65 per cent to 4.75 per cent.

AMP has also added 10 basis points to its rates. Its one-year fixed rate is now 4.79 per cent, its two-year fixed rate is now 4.89 per cent and its three-year fixed rate is now 4.99 per cent.

All of the lenders’ changes have already taken effect.

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