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Fixed Home Loan Rates On The Slide Boq Follows The Market

Fixed home loan rates on the slide: BoQ follows the market

Bank of Queensland cuts fixed loan rates by up to 0.25%

Other lenders expected to follow suit as competition intensifies

Fixed home loan rates are continuing to slide, with Bank of Queensland (BoQ) becoming the latest lender to cut its rates. BoQ has reduced its one-year fixed rate by 0.20%, its two-year fixed rate by 0.25%, and its three-year fixed rate by 0.20%.

The move by BoQ follows similar cuts by other major lenders in recent weeks, including the Commonwealth Bank, Westpac, and ANZ.

The cuts come as competition in the home loan market intensifies, with lenders vying for market share. The Reserve Bank of Australia (RBA) has also kept the official cash rate on hold at a record low of 0.10%, which has put downward pressure on fixed home loan rates.

Experts believe that other lenders are likely to follow suit and cut their fixed home loan rates in the coming weeks. This is good news for borrowers who are looking to lock in a low interest rate on their home loan.

What does this mean for borrowers?

The slide in fixed home loan rates is good news for borrowers who are looking to lock in a low interest rate on their home loan.

Fixed home loan rates provide certainty and stability for borrowers, as they know exactly how much their repayments will be each month. This can be particularly beneficial for borrowers who are on a tight budget or who have variable incomes.

However, it is important to note that fixed home loan rates are typically higher than variable home loan rates. This is because lenders charge a premium for the certainty of a fixed rate.

Should you fix your home loan rate?

Whether or not you should fix your home loan rate depends on your individual circumstances.

If you are looking for certainty and stability, then a fixed home loan rate may be a good option for you.

However, if you are on a tight budget or if you have variable incomes, then a variable home loan rate may be a better option.

How to compare fixed home loan rates

If you are considering fixing your home loan rate, it is important to compare rates from different lenders.

You should also consider the following factors when comparing fixed home loan rates:

  • The length of the fixed term
  • The interest rate
  • The fees and charges

You can use a home loan comparison website to compare fixed home loan rates from different lenders.


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