Fixed rates have fallen even further below the 5% mark as a non-bank lender has announced new cuts.
Aussie Home Loans
has cut its one year fixed rate to 4.95%, which the company claimed was "lower than any of its major competitors". The move comes after Aussie recently cut its three year rate to 5.29% and its four and five year rates to 5.59%.
Aussie executive chair John Symond
reiterated his prediction that rates are now nearing the bottom of their cycle, and urged borrowers to look at fixed rate products.
"I do not expect rates to fall much further so borrowers should consider fixing at least part of their mortgages," he said.