Finance advice

More reductions to fixed rate loans

By webmaster

ANZ has become the fourth major lender to cut its fixed rate fees.

The decision to cut up to 60 basis points from its suite of fixed rate home loans follows similar announcements by the Commonwealth Bank of Australia, St George and Westpac.

Effective from Wednesday 17 August, the bank’s one, two, three, four and five year fixed rates will sit at just 6.59, 6.44, 6.44, 6.89 and 6.99 per cent respectively.

ANZ Australia chief executive officer Philip Chronican said recent research shows more and more Australians are thinking about fixing their home loan.

“There is a great deal of uncertainty in global markets at present and economists have divided views on the future movement of interest rates.

“In this environment, we know many people are thinking about bringing more certainty to their mortgage repayments. These new fixed term interest rates are highly competitive and give new and existing ANZ customers the opportunity to lock-in market leading fixed interest rates,” he said.

“We are also continuing an offer to pay up to $1000 in switching costs for customers at other banks wanting to take advantage of the lowest mortgage rates currently available on the market.”

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