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Iden Group is the latest in a long line of lenders to have cut its fixed rates in recent weeks.
Last week the lender announced it would reduce its three year full doc fixed rate to 6.97 per cent, while its three year lo doc product was reduced to 7.97 per cent.
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The company’s director Barrie Gaubert said the Reserve Bank’s impending rate announcement was the driving factor behind the decision to reduce the rate on its fixed rate products.
“Financial news sources are tipping an increase of 0.25 per cent at the March Reserve Bank meeting and more to follow over the course of 2010,” Mr Gaubert said.
“Iden Group recognizes that the 1 per cent plus ‘gap’ that has existed between fixed rates and variable rates over the past 6 months or so is now narrowing, and our three year fixed rate offer at 6.97 per cent compares favourably with the average standard variable rate of 6.63 per cent,”
Mr Gaubert said now was the ideal time for borrowers concerned about rising interest rates to lock their mortgage repayments in under a fixed rate product.
