Banks and other lenders are battling hard for mortgage market share with big rate cuts on fixed rated-rate mortgages. HSBC has cut rates on new two-year fixed loans to 4.59 per cent.
Westpac is cutting 0.1 percentage points from its two and three-year fixed loans, taking them to 4.99 per cent per annum.
The other three big banks, ANZ, Commonwealth Bank and NAB, also have two-year fixed rates currently set at 4.99 per cent.
Fixed rate mortgages are now more popular than they have been at any time in the last five years.
Source: Fairfax Media