ANZ cuts fixed mortgage rates for Australians for second time in three weeks

ANZ has cut its fixed mortgage rates for the second time in three weeks, reducing rates by 25 basis points. The new rates for fixed terms of two to five years are now all below 6 percent, with ANZ offering the lowest rate of 5.74 percent. This move comes ahead of the Reserve Bank of Australia's upcoming meeting. Competition among banks is increasing, with expectations that the Reserve Bank may lower rates next year. SWS Bank currently offers the lowest overall fixed rate at 4.99 percent. Borrowers switching from a variable rate of 6.14 percent to ANZ's fixed rate could save $163 monthly on an average mortgage. However, if the Reserve Bank cuts rates in 2025, early fixers may miss out on additional savings.