Lenders battle over fixed interest rates

Competition amongst the banks is heating up in the fixed rate arena with ANZ the latest to announce changes to its two year fixed loans.

Last week, ANZ became the third lender in as many days to slash its rates, cutting its two year fixed rate by 5 basis points, taking it to just 7.19 per cent.

Days earlier, both ING DIRECT and Westpac cut the interest on their respective fixed rate mortgages.

ING DIRECT cut up to 20 basis points from its fixed products, taking its two year fixed rate to just 7.39 per cent from 7.54 per cent.

With pricing on fixed rates at this levels is further proof lenders only see small increases in the variable rate to come. I am still of the view that we will get a futher  0.75%pa  increase over this cycle. 0.25%pa August September will most likely be the first increase.


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