More fixed cuts as lender claims rates nearing bottom

by Adam Smith12 Feb 2013

Yet another lender has taken an axe to fixed rates, saying borrowers shouldn't expect many more RBA cuts.

Aussie Home Loans has announced cuts to its fixed rate suite of up to 10bps. The cuts bring Aussie's three-year fixed rate to 5.29%, and its four- and five-year rates to 5.59%.
Aussie executive chairman John Symond argued that it was an opportune time for borrowers to consider fixing.
"I do not expect rates to fall much further so borrowers should consider fixing at least part of their mortgages," he said.
The fixed cuts follow on the heels of moves by other lenders over the past week to trim their fixed rate offerings. Westpac cut its two-year rate to 4.99%, while St. George announced cuts to its entire fixed rate suite, trimming the one, three, four and five-year rates on its Advantage Package. The cuts take the lender's one-year rate to 5.15%, its three-year to 5.29%, its four-year to 5.64% and its five-year rate to 5.69%.