St George, Bank of Melbourne and BankSA, owned by Westpac, cut housing loan interest rates below 3 percent

Watch Free Movies and TV shows Apps

🎬📺 Free Movies and Free TV Shows! 🎭🎬


img

Westpac-owned St George, Bank of Melbourne and BankSA brands have cut interest rates on several fixed-rate mortgages to less than 3 percent. The latest signals that banks expect borrowing costs to fall further.

With the real estate sales season kicking off in the spring and financial markets betting on further official rate cuts, Westpac subsidiaries have cut fixed-rate loans by 0.1 percentage point to 1.4 percentage points.

Watch Free Movies and TV shows Apps

🎬📺 Free Movies and Free TV Shows! 🎭🎬

St George cuts flat rates to 2.94 percent.

St George cuts flat rates to 2.94 percent.

The bank offers the lowest rates to customers with larger deposits, with some rates as low as 2.94 percent for maturities up to five years.

In the key three-year fixed-rate segment, St George and Bank of Melbourne have both cut fixed-rate loans by 0.2 percentage points for people paying principal and interest on their loans.

Loading

For owner-occupiers with a loan-to-valuation ratio (LVR) of less than 60 percent, the banks offer a three-year fixed rate of 2.94 percent, or 2.99 percent for those with an LVR between 60 percent and 80 percent. . per cent. Customers with an LVR of more than 80 percent will receive three-year flat rates of 3.04 percent.

The Westpac-owned brands are also reducing the one-, two-, four- and five-year flat rates so that the quoted rates are the same for all five owner-occupiers.

The rates only apply to new loans, not to existing customers, and are a function of the collapse of bond yields, that affect the pricing of fixed-rate mortgages. Fixed interest rates tend to anticipate the outlook for floating interest rates and therefore move in anticipation of future changes in variable borrowing costs.

Financial expert Steve Mickenbecker, of comparison website Canstar, said the new rates were “highly competitive” and could provoke a response from rival lenders.

Watch Free Movies and TV shows Apps

🎬📺 Free Movies and Free TV Shows! 🎭🎬

This div height required for enabling the sticky sidebar