Fixed rates head further below 6%

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Fixed rates have continued to fall below the 6% mark, with a non-bank lender announcing cuts to its product suite.

Firstfolio has dropped rates on its two and three-year products to 5.89%. The lender also cut its four and five-year rates to 6.45%. Executive general manager of retail distribution Andrew Clouston said the move came as fixed-rate funding costs continued to ease.

"Firstfolio, through its network of lenders, is in a position to cut rates, and it's only fair we pass these on to our borrowers," Clouston said.

The rates come into effect from today, and will be available with a zero application fee through National Finance Club and the company's online platform, eChoice.

With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now

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