This month has seen some huge changes to long-term fixed interest rates across most home loan lenders. The most significant were the cuts to five-year rates which, for our main retail banks, were between 65 and 75 basis points bringing them back down to were they were 12-months ago.
Although the longer-term fixed rates are quite a bit lower than last month, they are still the more expensive option with medians around 7.20% to 7.80%, compared with the six-month and one-year median rates of between 6.10% and 6.45% respectively.
