Proving fixed rates are still en vogue, one non-major has slashed 26 basis points from its three year fixed rate.
Yesterday Citibank cut its three year rate to just 5.99 per cent.
The bank has now reduced its fixed rates by 133 basis points since July this year.
Citibank head of mortgages Vibha Coburn said the highly competitive fixed rates provide Australians with more certainty in the current turbulent economic environment.
"The local housing market remains soft but the exceptional fixed rates currently being offered are a real incentive to those either looking to buy or refinance an existing property," Ms Coburn said.
"Citibank's strategy this year has been built on being competitive and transparent in our pricing. We're actively trying to grow our business and we want customers to be aware that Citibank is offering some of the best deals in the market."
As an additional incentive, Citibank is also offering up to $1000 refund to customers looking to purchase a new property or refinance their existing home loan to assist with their application and/or switching costs.
The bank also offers customers a 60 day rate lock at no charge so customers can cost-effectively guarantee the low fixed rate for 60 days after application.
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