Lenders cut fixed rates in August as cash rate remains on hold

Commonwealth Bank, ANZ and Westpac have all cut the interest rates on their fixed home loan products this month.

Westpac lowered the rate on its three year fixed rate home loan by 5 basis point to 4.94% with a package discount, while Commonwealth Bank made a 15 basis point cut to its three year fixed rate loan to the same rate.

The lender also dropped the rate on its four year fixed loan by five basis point, to 5.09%.

In August, NAB left their three year fixed rate loan unchanged at 3.94%. The ANZ has matched the big four on their three year fixed products.

According to comparison website Mozo, ME Bank and Newcastle Permanent offer the lowest rates on a three year fixed loan, offering a 4.59% interest rate.

The largest change to a three year fixed loan came from B&E Personal Banking, which trimmed its rate by 40 basis points to 5.19%, and Arab Bank, which cut its rate from 5.29% to 4.9%.