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Major cuts fixed rates

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St George Bank has cut its two and three year fixed rate home loans due to strong buyer demand.

From today onwards, the lender will offer a two year fixed rate of 6.89 per cent pa for Advantage Package customers and a three year fixed rate of 6.99 per cent.

St George chief executive Rob Chapman said the lender cut the rates on the back of strong buyer demand.

“Customers are increasingly focused on managing their household budgets and we’ve seen continued interest in our fixed rate home loans, which provide the reassurance of mortgage repayments locked in for a fixed period,” he said.

“The changes we have made to these fixed home loans offer customers some of the most competitive rates in the market.

“We expect these reduced fixed rates to be welcomed by customers seeking greater interest rate certainty.”

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