1 MIN READWestpac forecasts higher interests rates: Borrowers warned to brace for higher repayments
Monthly repayments could soon cost borrowers a lot more cash if Westpac’s predictions for rate rises do come to fruit...
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St George has slashed 40 basis points off its two year fixed rate in a bid to reposition itself as a competitive major lender.
This reduction takes the St George two year fixed rate home loan to 7.14 per cent.
In addition to the 0.4 per cent reduction, borrowers will also be eligible for a further 0.15 per cent discount provided they opt for the St George advantage package loan.
The major’s chief executive Greg Bartlett said the rate decrease would be welcome news for home loan customers looking to lock in a competitive, fixed rate home loan.
“For customers seeking interest rate certainty, St George’s 2 year fixed rate home loan now represents even better value for money,” he said.
The announcement comes just one week after ANZ announced it would trim the fat on its three, four and five year fixed rates.
ANZ slashed six basis points from its three-year fixed rate, 19 basis points from its four-year fixed loan and nine basis points from its five-year loan.
Interest is the amount of money charged by a lender or financial institution for a loan, which is calculated as the percentage of the principal amount paid over the loan term.
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