Westpac, HSBC and ME Bank cut fixed rates: a three-year fixed-rate guide

Westpac, HSBC and ME Bank cut fixed rates: a three-year fixed-rate guide
Westpac, HSBC and ME Bank cut fixed rates: a three-year fixed-rate guide

Following on from May 1 RBA decision to cut the cash rate by 0.5 percentage points, Westpac has cut its headline three year-fixed mortgage by 20 basis points to 6.19%.

HSBC has cut its three year fixed-rate product to 6.09% or 5.99% for those investors who take up the interest-in-advance offering

ME Bank has also cut its three-year fixed rate mortgage product to 5.99%.

Currently the cheapest three-year fixed rate offering appears to be the 5.89% rate offered by IMB Building Society.

Other lenders are also expected to also drop their fixed rates as they look to lock in borrowers.

This follows ABS housing finance figures for March which showed that nearly 15% of loans taken out over the month were for fixed rate mortgages – the highest percentage since April 2008.

Here’s a guide to the range of headline three-year fixed rate products currently on offer: 

5.79% 

The three-year fixed-rate offering of Greater Building Society 

5.99% 

The three-year fixed-rate offering of Commonwealth Bank, ING Direct, ME Bank, CUA and Aussie, Citibank, IMB Building Society.

6.03% 

The three-year fixed-rate offering of LJ Hooker Finance 

6.04% 

The three-year fixed-rate offering of ANZ 

6.09% 

The three-year fixed-rate offering of HSBC Bank Australia and NAB, St.George, Bank of Melbourne, BankSA 

6.13% 

The three-year fixed-rate offering of Suncorp 

6.15% 

The three-year fixed-rate offering of Myrate.com.au 

6.19% 

The three-year fixed-rate offering of Westpac and ANZ 

6.29% 

The three-year fixed-rate offering of Heritage Bank and Homeloans Ltd 

6.33% 

The three-year fixed-rate offering of Bankwest

6.34% 

The three-year fixed-rate offering of Bendigo Bank 

6.37% 

The three-year fixed-rate offering of Yellow Brick Road 

6.39% 

The three-year fixed-rate offering of bankmecu

6.46% 

The three-year fixed-rate offering of Resi Mortgages

Larry Schlesinger

Larry Schlesinger

Larry Schlesinger was a property writer at Property Observer

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