Commonwealth Bank, NAB and ANZ match Westpac with 4.99% fixed rate package offerings

The Commonwealth Bank, NAB and ANZ have joined Westpac by offering a two-year fixed-rate home loan at 4.99%.

Unlike Westpac, the sub-5% offerings were not announced in press releases.

The Commonwealth Bank offers its two-year fixed rate of 4.99% under its wealth package offering with a comparison rate of 6.09%. For non-package Westpac customers, the two-year fixed rate is 5.14% (comparison rate of 6.29%).

NAB offers a two-year fixed home loan under its choice package offering at 4.99% with a comparison rate of  6.00%. For non-package NAB customers, the two-year fixed rate is 5.09% (comparison rate of 6.21%).

ANZ revealed its two-year fixed rate home loan of 4.99% in an update to mortgage brokers on February 13. The rate is available under its Breakfree package offering, which includes a 0.15% discount. A comparison rate on this loan is not provided.

Two-year fixed rates and three-year fixed rate home loans are the fixed-rate terms preferred by most fixed-rate borrowers.

Westpac cut its two-year fixed rate to 4.99% on February 7, joining a number of non-bank lenders who offer fixed-rates below 5%. The Westpac comparison rate is 6.27%

The lowest two-year fixed rate is 4.79% offered by online lender iMortgage under its fixed pro pack home loan with a comparison rate of 5.43%. iMortgage is the online lending arm of ASX-listed non-bank lender Homeloans Ltd.

Larry Schlesinger

Larry Schlesinger

Larry Schlesinger was a property writer at Property Observer

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