While the focus may currently be on variable rates, there are still plenty of lenders only too keen to cut the interest rate on their fixed rate home loans as well.
Yesterday, Aussie announced cuts that will make the lender’s fixed rates some of the most competitive on the market.
The company dropped its two-year fixed rate by 0.40 per cent to 4.89 per cent per annum, and its three-year fixed rate by 0.30 per cent to 4.99 per cent per annum, effective immediately.
Aussie also announced it will drop its variable rate for new customers to as low as 5.15 per cent from Wednesday 15 May.
“Competition between lenders for a slice of the home loan pie is getting hotter and rates are certainly far more competitive than they have been for some time,” Aussie founder and chairman John Symond said. “Aussie is throwing down the gauntlet to the major lenders, and I’m confident consumers will find there is nothing lower than our two- and three-year fixed rates on the market.
“It is a good time to consider fixing your loan if you are someone who wants certainty on repayment amounts month to month, but equally there are some great deals to be found on variable rates too, so there’s definitely a great choice and variety out there.”