St George slashes interest rate on fixed rate home loan

St George has taken 40 basis points off its two year fixed rate home loan in a bid to reposition itself as a competitive major lender. The two year fixed rate home loan will be reduce to 7.14%.

In addition to the 0.4% reduction, home loan borrowers will also be eligible for a further 0.15% discount if they opt for the St George advantage package loan.

St George chief executive Greg Bartlett said the rate decrease would be welcome news for home loan customers looking to lock in a competitive, fixed rate home loan.

The announcement from St George to lower their fixed home loan comes just one week after ANZ announced it would reduce their three, four and five year fixed rates on their home loan products.