St George is adding fuel to the fixed rate war by boasting the “lowest fixed rates” compared to the big four bank brands, as well as offering a financial incentive to borrowers if they switch.
It cut its one and two year rates under its Advantage Package to 5.49% yesterday. It said customers whose applications were currently in progress would still be eligible.
The second-tier also offered $700 towards switching costs for new applicants converting from a competitor.
St George is the latest in a long line of lenders slashing their fixed rates after the RBA
sat tight on the cash rate.
Last week, CBA
announced its rates were at a nine-year low for the bank, while Citibank
cut its fixed rates yesterday to sit below its variable rate.