St George and Bank of Melbourne are following their parent bank’s lead by decreasing their three year fixed rate for new customers as well as existing customers switching into a new fixed rate.

The previous rate, including portfolio, low doc and low doc portfolio, was 5.24%. The new rate, effective today, is 4.99%.

Banks are competing madly to keep up with each other for fixed rate custom this year. These two banks are following on from parent bank Westpac, which announced further cuts to its two and three year fixed rate on 25 February.

Westpac now offers packaged fixed rates of 4.84% for two years and 5.09% for three years. This represents a cut of 0.05% and 0.04% respectively on the previous rates.

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