One of the bank's latest offers is a 2.29% p.a. (3.89% p.a. comparison rate*) 3-year fixed owner occupier home loan for principal & interest (P&I) borrowers as part of its 'Breakfree' package. 

It represents a cut of 59 basis points, with the bank previously offering 2.88% p.a. for that product. 

Various other residential loans to see a 59 basis point cut were:

  • Breakfree Residential Fixed 1 Year 150k+: 2.39% p.a. (4.16% p.a. comparison rate*)
  • Residential (non package) Fixed 3 Years: 2.44% p.a. (3.95% p.a. comparison rate*)

Investment loans also saw some love, with the 59 basis point cuts going to:

  • Breakfree Investment Fixed 3 Years 150k+: 2.49% p.a. (4.37% p.a. comparison rate*)
  • Breakfree Investment Fixed 1 Year 150k+: 2.59% p.a. (4.71% p.a. comparison rate*)
  • Investment (non package) Fixed 1 Year: 2.74% p.a. (4.83% p.a. comparison rate*)

Many other fixed loans of both the residential and investment persuasions were also cut between 19 and 49 basis points.

This week's fresh round of cuts follow the bank's introduction on 20 March of its lowest fixed-rate home loan on-record - a two-year fixed rate of 2.19% p.a. (4.00% p.a. comparison rate*) - for owner occupiers paying principal and interest. 

The special two year rate was announced as part of the bank's immediate response to the Reserve Bank of Australia's emergency cash rate cut. 

The latest cuts also bring the bank closer to challenger banks, and ahead of main rivals CommBank, Westpac and NAB in many cases, with advertised rates hovering close to the elusive high 1.00% range.

As to the question if it's a 'good time' to fix your home loan, the opinion is mixed, with experts predicting fixed loans are being cut to entice borrowers to lock themselves in, so banks can ensure cash flow during the coronavirus crisis.

While many variable rate loans now have higher advertised rates than fixed-rate home loans, when it comes to the comparison rate variable-rate loans do still appear to have the wood over fixed-rates. 

Fixed rate loans tend to have higher comparison rates in part because at the end of the fixed-term the loan's rate reverts to a much higher variable rate. 



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