Big four bank moves on fixed interest rates ahead of July RBA meeting
ANZ has become the latest of the big-four banks to cut interest rates, announcing a move of 10 to 35 basis points across its fixed-rate offerings.
The bank will now offer a lowest advertised fixed rate for a two-year mortgage at 5.19 per cent, down 20 basis points after Wednesday's changes.
For those wanting a three-year fixed rate, it will come in at 5.34 per cent, while both the four and five-year fixed rates are down 10 basis points to 5.74 per cent.
The move comes ahead of the Reserve Bank of Australia's July 8 rate announcement where the central bank is widely forecast to slash interest rates by a further 25 basis points to 3.60 per cent.
Canstar data insights director Sally Tindall said ANZ had the lowest fixed rates in each of the one to five-year terms of the major banks.
'ANZ could also be looking to shore up its loan book by locking in more customers on fixed rate deals,' she said.
'The bank's most recent half year results show that just 3 per cent of its residential mortgage book is on a fixed rate contract.
'This means the remaining 97 per cent on variable rates are free to move at any time without major penalties.'
Ms Tindall said while ANZ's fixed rates were streaks ahead of the other big banks, particularly on shorter terms, they were still a far cry from the lowest fixed rates on offer, with 13 different lenders now offering at least one fixed rate under 5 per cent.
Pacific Mortgage group has the lowest fixed rate over one year at 4.99 per cent, while Easy Street offers the lowest two-year mortgage and BOQ/ People's Choice and Heritage Bank have the best offers for those looking to lock in a rate for longer than four years.
'If you're looking to lock in your rate, don't go aiming for one that starts with a five or a six. You should be looking in the fours,' Ms Tindall said.
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