A major bank is set to announce cuts to its fixed rates to bring the products to their lowest level in three years.
News Ltd has tipped that Westpac will today announce a cut to its discounted one-year and three-year fixed rates to 5.99%, and will cut the headline rates for its one- and three-year fixed products to 6.19%.
The cut will bring Westpac's discounted fixed rate in line with CBA, and the two banks are now offering fixed rates at three-year lows. NAB has still pipped its major bank rivals, though, with discounted one- and three-year rates at 5.79% and 5.99%, respectively.
The bank's group executive of retail and business banking, Jason Yetton, told News Ltd that borrowers were seeking out the security of fixed rates, despite the expectation of further RBA cuts.
"Competition in the fixed-rate market is particularly intense at the moment and there's no doubt that customers are looking to pick up the best deal that is possible, particularly given the recent cuts in standard variable mortgage rates," he said.
Major trims fixed rates