is reducing the interest rate on its two year fixed rate home loan from Wednesday.
On its Home Package Plus loan, two year fixed interest rates with LVR of 90% or less (including LMI) will be dropped 0.05% to 4.80% per annum, while the standalone rate will drop to 4.95% per annum.
Its two year rate with LVR of more than 90% will be 5.10% per annum, also down 0.05%. The standalone rate will be 5.10% per annum.
The comparison rate is 5.72% per annum and 5.78% per annum respectively.
Suncorp made cuts to the same loan package at the start of February on fixed rate lending of 80% LVR and below.
also cut its two year fixed rate by 0.05% on Friday, with its new carded rate now 4.99% per annum (comparison rate 5.77%), and on its Breakfree package 4.84% (comparison rate 5.33%).
Fixed rates accounted for 26.08% of all loans written across the country in February – although their popularity is waning since a historical high mid-last year.
There has been a drop of 17% since the fixed rate peak in May last year, when the number of fixed loans financed reached a five-year high of 10,631.
Variable rates accounted for 73.92% of all home loans written in February – up from 72.57% the month before, according to broking franchise Mortgage Choice