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Heritage Bank has announced it will cut the interest rate on its fixed rate home loans, joining a clutch of other lenders in the sub-six zone.
The move further corroborates Citibank's claim last week that the current uncertainty in Europe is leading to rare fixed rate opportunities in Australia - pushing the popularity of rate locking here to new heights.
Heritage will reduce the interest rate on its 1-year fixed rate home loan from 6.19% to 5.90%; its 2-year fixed rate from 6.25% to 5.95%; and its 3-year fixed rate from 6.29% to 5.95%.
CEO John Minz said the interest rate reductions reinforce Heritage's continued focus on delivering the best rates possible for members.
"Reducing the interest rates on our fixed rate home loans is all about making sure our members have access to some of the best deals available in the country," he said.
Interest rates on fixed rates on business loans will also be reduced.
Busy Heritage Building Society evolves into Heritage Bank - First it announced a return to the broker space, and now Heritage Building Society has changed its name to Heritage Bank Limited.
More evidence of strange fixed rate phenomenon - New fixed rate data from Mortgage Choice has corroborated Citibank's claim last week that the current uncertainty in Europe is leading to rare fixed rate opportunities in Australia, and pushing the popularity of rate locking here to new heights.
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