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Improved funding conditions have led one Australian lender to begin offering cheaper fixed-rate home loans this week.
Bank of Queensland has announced a 20 basis point cut on its two-year fixed-rate mortgages to 4.59 per cent, while its three-year fixed product has come down 30 basis points to 4.49 per cent.
BOQ's four- and five-year fixed-rate home loans have also been slashed by 40 basis points to 4.59 per cent and 4.69 per cent respectively.
BOQ chief executive Jon Sutton said the long-term swap rates that drive funding in the fixed-rate lending market had dropped and it was appropriate to pass these savings on to customers.
“The lending market is incredibly competitive at the moment and there are some great deals out there for customers who want certainty around the interest rates they will pay for the next two to five years,” he said.
“This is a great time for people to look at their finances and consider whether they have the best possible deal.
"We believe BOQ’s highly competitive rates, combined with award-winning service, provide customers with a strong alternative.”
The new fixed home loan rates are effective from February 11.
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