NAB and ING are offering some of the lowest two-year fixed-rate mortgages on the market, although smaller lenders are also competing fiercely.
NAB is giving owner-occupiers the chance to fix for two years at 3.69 per cent (comparison rate 4.86 per cent) if they sign up for the Choice first home buyer special.
ING has a slightly higher two-year fixed rate of 3.72 per cent (comparison rate 4.55 per cent) for its Orange Advantage home loan.
Interest rates on two-year fixed-rate mortgages have been quite stable over the past 12 months, according to an analysis of all the two-year loans on RateCity.
The average rate for owner-occupiers was 4.16 per cent at the end of May 2018 – the same rate recorded at the end of May 2017.
The average rate for investors rose from 4.39 per cent to 4.44 per cent during that time.
|Lender||Product||Advertised rate||Comparison rate|
|SCU||My Life Fixed Rate Package||3.69%||4.04%|
|Greater Bank||Ultimate Fixed Home Loan||3.69%||4.47%|
|Newcastle Permanent||Premium Plus Package Fixed Rate Home Loan||3.69%||4.62%|
|NAB||Choice Package Tailored Home Loan Fixed (First Home Buyer Special)||3.69%||4.86%|
|Teachers Mutual Bank||Fixed Home Loan||3.69%||5.10%|
|UniBank||Fixed Home Loan||3.69%||5.10%|
|FreedomLend||Freedom Fixed Home Loan||3.72%||3.89%|
|RACQ||Choices Package Home Loan||3.72%||4.80%|
|IMB Bank||Fixed Rate Home Loan||3.75%||4.78%|