Fixed Rates

[andie_pandie]

We have finally seen a decrease by a couple of the top banks in the last few days on their fixed rates.
Hopefully this is a sign that it may be a little easier for the general consumer hopefully soon. The two that I know of have decreased by 30 & 25 basis points which is quite considerable.

At this stage even though the reserve bank has decided to keep official rates unchanged, the banks have yet to decide if they are going to lift higher again.

Hopefully they don't do it again as it is really very tough out there for a lot of people at the moment.

[aje001]

Most variable interest rates are actually below the fixed rates at the moment, which is a good sign that the banks think that the interest rate will be going down in the near future...

[andie_pandie]

I agree aje, they still have to deal with the overseas cost of funds which is not helping matters.

Just had a email through, another Major has dropped theirs as well between 35-50 basis points which is amazing.

That is now 3 of the majors, heres hoping the smaller banks follow suit.:yelclap::yelclap: