All four majors now offer five-year fixed rates under five per cent after ANZ cut its rates.
ANZ announced that it has reduced its five-year Breakfree rates from 5.49 to 4.99 per cent, effective August 8.
ANZ’s five-year rate is now cheaper than its four-year rate, which remains at 5.49 per cent.
There have also been no changes to the other Breakfree rates: 4.79 per cent for one year, 4.84 per cent for two years, 4.94 per cent for three years, and 7.54 per cent for seven or 10 years.
[Related: ME Bank undercuts majors]