Westpac-owned St.George Bank Friday slashed its fixed home loan rates by up to 0.55 per cent pa.

The Australian bank says it now has very competitive rates across a range of fixed home loan terms, with its two-year fixed rate reduced by 0.10 per cent pa to 6.59 per cent pa and three-year fixed rate reduced by 0.20 per cent pa to 6.59 per cent pa.

St.George’s four-and five-year fixed home loans have been cut by 0.55 per cent pa to 6.99 per cent pa and 7.04 per cent pa respectively.

Chief executive Rob Chapman said: “These fixed home loan rate cuts of up to 0.55 per cent pa represent a very competitive offer for customers.”

St.George offers customers the choice of splitting their home loan between fixed and variable rates, as well as a range of other flexible home loan options.

The new fixed home loan rates quoted include St.George’s Advantage Package discount and are effective today, Friday 19 August.