A number of lenders have reduced fixed rates to stay competitive and keep up with borrower appetite.
Direct cut five basis points from four of its products, with its two-year fixed rate now 4.74% along with the two-year fixed SmartPack with an LVR no higher than 80%
Its five-year fixed rate is now 5.54%, along with the five-year fixed SmartPack with an LVR no higher than 80%.
Homeloans cut five points from its three-year fixed rates, 15 points from its four-year fixed rates and 10 points from its five-year fixed rates.
The ProSmart three-year fixed rate is 5.29% and the ProSmart SMSF
three-year fixed rate is 5.79%. The ProSmart four-year fixed rate is 5.74% and the ProSmart SMSF
four-year fixed rate is 6.14%. The ProSmart five-year fixed rate is 5.99% and the ProSmart SMSF
five-year fixed rate is 6.39%.
Both Adelaide Bank and Homeloans reduced their three-year and four-year fixed rates by up to 20 basis points.
Adelaide Bank cut its Smartfix three-year rate from 5.19% to 5.09% and its Smartfix four-year rate from 5.59% to 5.39%.
The lender also cut its SmartDoc three-year rate from 6.19% to 6.09% and its SmartDoc four-year rate from 6.59% to 6.39%.
Homeloans cut its three-year MoniPower rate by 10 basis points to 5.29% and its four-year MoniPower rate by 20 basis points to 5.59%.
The low-doc three-year MoniPower rate has fallen by 10 basis points to 6.39% and the low-doc four-year MoniPower has been cut by 20 basis points to 6.69%.
Funding costs, interest rates have fallen: RBA
Non-major drops fixed rates
Fixed rate move comes as a surprise