Fixed Rates Dropping

Another of Australia’s big banks has cuts its fixed interest rates ahead of the Reserve Bank of Australia interest rate decision on February 18.

Macquarie Bank cut its fixed rates in mid-January and the NAB moved in the first week of February.

Just a few days out from when the RBA meets, Westpac has now cut its fixed rates making them the lowest of the big four banks. It has cut its fixed-rate mortgages across its one- and two-year loan terms.

According to Canstar it has also reduced its fixed investor loan rate by 0.35 percentage points. The changes mean the Commonwealth Bank now has the highest fixed interest rate.

Canstar data insights director, Sally Tindall, says many variable rate borrowers will still be waiting for a rate cut at the RBA meeting.