Newcastle Permanent drop rates to below 4 percent fixed

The regional mutual lender Newcastle Permanent has dropped home loan interest rates by up to 45 basis points ahead of the today's Reserve Bank monetary policy meeting.

Newcastle Permanent has reduced its two-year year fixed home loan rate by 5 basis points, its three-year fixed home loan rate by 10 basis points and its four-year fixed home loan rate by 45 basis points. 

All rates are now under 4 percent with the new two, three and four-year fixed rates advertised at 3.69 percent, 3.79 percent and 3.94 percent, respectively. 

All new rates are effective Monday 1 August, the Australian Broker website advised.

Peter Arnold, data insights director at RateCity.com.au, said fixed home loan rates continued to tumble, with more than 600 rate cuts in June and July.