Overview

• Nationwide Building Society is reducing selected two-, three- and five-year fixed mortgage rates by up to 20 basis points, bringing its lowest new lending rate to 3.81%.
• ANZ has trimmed fixed-rate home loan interest rates by 10 to 35 basis points, lowering its two-year fixed rate to 5.19%, the most competitive among Australia’s big four.
• All four major Australian banks now anticipate a 25 basis point cut by the Reserve Bank of Australia on July 8 following back-to-back reductions earlier this year.
• UK mortgage brokers report that falling swap rates have led lenders such as Halifax, Barclays and Santander to undercut each other with sub-4% fixed-rate deals for borrowers with large deposits.
• Both the Bank of England’s August 7 Monetary Policy Committee meeting and the RBA’s July 8 decision are set to confirm further easing, extending relief for homebuyers and remortgagers.