Aussie Home Loans have put a fixed home loan offer out into the market that is extremely competitive with a 3 year fixed offer at only 6.99%. This represents a rate reduction of 0.35%.
This rate move should make Aussie’s three year fixed home loans the lowest in the market as well as below the average of the big four banks’ standard variable rates.
Aussie CEO Stephen Porges said homeowners were very concerned about what would happen to interest rates after the election this weekend. Aussie are confident that many borrowers will choose the safe option of refinancing their mortgages into a fixed secure and competitive product.
“Our price cut will reinvigorate much needed competition in the home loan market,” he said.
Aussie’s move follows National Mortgage Company and ING DIRECT who both moved on fixed rates last week.
National Mortgage Company has also cut it’s fixed rates on Thursday with its two and three year home loans now sitting at 7.60 per cent.
ING DIRECT, who has announced aggressive plans to stimulate market competition, also reduced its fixed rates last Monday. Its two and three year fixed rates now stand at a competitive 7.09 per cent.