Fixed rates slashed
As noted the other day, there may not be be significant moves in variable rate mortgages resulting from the Reserve Bank's latest round of measures.
This may prove to be true, but as noted, fixed rates will surely fall.
Right on cue, Commonwealth Bank dropped its 4-year fixed rate by 100 basis points to 1.99 per cent.
This is the lowest fixed rate from the major bank in its history.
Westpac followed suit to offer a fixed rate under 2 per cent.
And, to date, so has National Australia Bank.
The Reserve Bank of Australia Governor has again implored borrowers to go and seek a better rate from their lender.
Remember to speak to a mortgage broker before you rush out to fix at the lowest available rate, though, to ensure you get the best overall terms and appropriate product flexibility.
