ANZ, NAB and Suncorp have dropped their fixed mortgage rates off the back of similar moves by other lenders this month.
As fixed rates drop, borrowers need to carefully consider whether a fixed or variable rate home loan will best suit their needs. Fixed rates are typically a good option for borrowers that want certainty in their mortgage repayments if they are concerned that interest rates will continue to climb.
Suncorp Bank made the biggest cut, dropping the rate on its two and three year fixed rate mortgages, as well as its three year fixed in advance mortgages by up to 0.25 per cent.
Suncorp’s home loan rates are now 7.09 per cent for two years and 7.19 per cent for three years fixed.
Suncorp's executive manager, personal lending, Paul Evans said the changes were purely a reflection of recent movement in the underlying short and mid-term market cost of funds.
Meanwhile, Homeside cut its rates on its fixed and low doc mortgages by up to 0.24 per cent.
From today, Homeside’s interest rates are 6.84 per cent for one year, 7.09 per cent for two years and 6.95 per cent for three years fixed.
ANZ also trimmed its rates, cutting up to 0.15 per cent from fixed rate and low doc standard mortgages.
ANZ’s interest rates are 6.84 per cent for one year, 7.09 per cent for two years and 7.20 per cent for three years fixed.
The moves follow Aussie and ING DIRECT who earlier this month reduced the rates on their fixed mortgage products.