Dozens of lenders are slashing their fixed rates by more than May’s RBA cash rate cut.Eleven lenders have cut their fixed rates on two-year loans by up to 0.50 per cent. Thirteen lenders have dropped their fixed rates on three-year loans by more than 0.25 per cent. Some have cut rates by 0.50 per cent on three year fixed loans.Resi Mortgage Corporation’s chief executive officer Angelo Malizis said fixed rates were nearing the bottom of the cycle. “The discussions I’ve had with economists is they expect rates to come off a little bit more but as soon as we have one more variable rate deduction they expect fixed rates to start nudging upwards.”
Source: Herald Sun