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Banks Cut Rates on Fixed Home Loans

By Cathy Pieroz

Borrowers are snapping up fixed-rate mortgages as the price of many deals starts to fall.

Australia’s biggest banks have been cutting their fixed home-loan rates to the lowest levels in more than three years.
Approximately 59 of 75 providers have reduced their rates in the past two months. Those to do so recently include NAB, Westpac, CBA and ME Bank.
Variable home loans account for about 90 percent of Australian mortgages, so the Reserve Bank’s reduction of its benchmark by 1.25 percentage points to 3.5 percent between November and June provided homeowners with almost immediate benefits.
The cuts did little to stimulate home sales because of concerns that slowing economic growth would drag down property prices. Loan approvals unexpectedly fell in July by the most in five months.
Is now the time to secure the best home loan rate possible?
When it comes to revisiting your home loan, it should be done according to how you are currently handling it.
Regularly stress test your mortgage to determine whether you need to make a change.
A few things to consider when fixing loan, or a part of it, you are locked at that rate no matter where the banks’ variable rates go, and usually you don’t have the option to pay it off early.
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