Business
Banks stake out their new battleground – The Australian Financial Review
The country’s big banks are increasingly attempting to lure prospective borrowers with attractively priced fixed-rate home loans.
As a result, by the end of September, the interest rates on new fixed-rate loans were around 55 to 65 basis points below new variable rate loans.
And this gap is expected to widen even further following last week’s rate cut by the Reserve Bank. The major banks quickly unveiled further reductions in their fixed rate home loans, while leaving standard variable rates unchanged.
The growing popularity of fixed rate home loans is changing the profile of the banks’ massive home loan books. According to…
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