Eight and counting: more banks cut fixed rates

Four more lenders have cut their fixed rates – joining the four previous lenders that announced fixed-rate reductions in the past week.

Commonwealth Bank  made the first move when it reduced its five-year rate to 4.99 per cent. This was then matched almost immediately by Westpac NAB and Suncorp, before Homeloans cut its two-year and three-year rates.

Citibank, AMP Bank and CUA have also announced interest rate reductions.

Citibank has matched Commonwealth Bank, Westpac and NAB with its five-year rates, which have fallen from 5.39 per cent to 4.99 per cent.

It also reduced its three-year rate from 4.87 per cent to 4.74 per cent and its two-year rate from 4.79 per cent to 4.74 per cent.

The fixed-home loan offer’s excellent value to customers seeking interest rate certainty.

AMP Bank has also dropped its fixed rates. The three-year rate has been cut from 5.09 per cent to 4.85 per cent, while the two-year rate has fallen from 4.99 per cent to 4.85 per cent.

There has also been movement on the Essential Home Loan variable rate product, which has dropped from 4.90 per cent to 4.74 per cent.

The new fixed-rate terms are some of the most competitive in the market in a very long time.

Meanwhile, CUA has lowered its five-year fixed rate from 5.50 per cent to 5.10 per cent and its three-year rate from 4.89 per cent to 4.69 per cent.

The credit union has also made cuts to its Premium product, with the five-year rate falling from 5.70 per cent to 5.30 per cent and the three-year rate from 4.99 per cent to 4.84 per cent.



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