St George cuts fixed home loan rates

ST George is cutting its fixed interest rate home loans by up to a quarter of a percentage point.

St George cuts fixed home loan rates

ST George says it will cut its one-year introductory fixed rate and one to five-year fixed interest rates by as much as a quarter of a percentage point.

St George customers from Monday September 22 will save 0.15 percentage points from the bank's one-year introductory fixed rate, which has been cut to 8.54 per cent, while the non-introductory rate for the same term has been lowered by a quarter of a percentage points - also to 8.54 per cent.

The two-year fixed rate will fall 0.10 percentage points to 8.49 per cent, and the three-, four- and five-year fixed rates will be 0.20 percentage points lower at 8.59 per cent.

St George is offering further discounts of up to 0.30 percentage points to new customers of its Advantage Package program.

St George head of home loans Steve Blinkhorn says the bank's new fixed rates are significantly lower than variable rates on the market.

"Customers can now lock in their repayments at a rate significantly lower than the current standard variable rate of 9.67 per cent per annum,'' Mr Blinkhorn said.

"Over time this can result in a significant saving in home loan repayments and interest costs.''