Westpac Brands, Citi Trim Fixed Pricing
More banks have made cuts to their fixed rate product suites, with one lender discounting below 6%.
Westpac's regional bank brands, including St. George, BankSA and the newly-launched Bank of Melbourne, have cut rates up to 26bps across their fixed rate range. The move brings the brands' two-year fixed rate to 6.14%, and its three-year fixed rate to 6.24%.
The rates will come into effect from 16 November, and include the St. George Advantage Package discount. St. George's new general manager of mortgage broking, Clive Kirkpatrick, said the bank has seen strong demand for fixed rate products, and wants to appeal to brokers with competitive rates.
"We want to support our broker partners with one of the best offers in the market. It’s important to us to show brokers that we’re listening to them, and to demonstrate that they can do better with us," Kirkpatrick said.
Citibank has also made cuts to its fixed rate offering, dropping its three-year rate by 26bps to 5.99%. The bank has now racked up 133bps of cuts to its fixed rate products since July. Citibank is also offering a $1,000 refund incentive to customers to aid in application or switching costs.