Major banks cut fixed loans

by Julia Corderoy13 Jul 2016
NAB Broker and ANZ have both announced fixed rate home loan reductions.

The rate announcement will see NAB Broker’s Homeplus product offer four fixed rate terms below 4%. The one and four-year fixed rates have been reduced to 3.99% with the two-year cut to 3.75% and the three-year fixed rate Homeplus product cut to 3.89%.

These rate reductions are available on owner occupier principal and interest lending from this week.

In addition, NAB Broker has also announced further reductions on special prices for NAB’s Homeplus variable rate products.

For selected new variable rate NAB Homeplus applications with an LVR of 80% or less, interest rates will start at 3.99% for owner occupied loans and 4.14% for investment loans. 

“We are pleased to be continuing to offer a compelling proposition for our brokers and borrowers, and giving brokers the tools they need to stand out in the market,” general manager of NAB Broker, Steve Kane, said.

ANZ also announced rate cuts, dropping fixed rates on investment lending by 45 basis points. The major bank’s two-year fixed investment loan without Breakfree, the interest rate has been reduced to 4.14%. For the same loan with Breakfree, the interest rate has been cut below 4%, to 3.99%.