Bank makes deeper cut to fixed rates

by Mackenzie McCarty19 Jun 2012

A challenger bank brand has made new cuts to its fixed rate portfolio of loans.

Following changes three weeks ago that dropped its fixed rates to 5.74% per annum for 1 and 2 year products, St. George has now added its 3-year loan into the cutting mix, pricing it at 5.79% per annum.

Under the Advantage Package and available to new and existing customers, St. George is marketing its fixed rates as the lowest in the market when compared with the major bank brands.

However, as part of the offer St. George has stressed the rates are on offer only for a limited time.

“I’m thrilled to be leading the majors with this fantastic fixed rate offer across 1, 2 and 3 years and
I’m sure we’ll continue to see great interest in it,” said retail banking general manager Andy Fell.

St.George is also offering new customers $700 towards switching costs on selected new home
loans under Advantage Package, if they switch their current loan of $250,000 or more from another
financial institution. The offer is only for new home loan applications received by 31 July.

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