St George the latest to offer a two-year fixed rate of 4.99%

St George has cut its two-year fixed home loan by 30 basis points to 4.99% per annum - effective from today.

The rate is available for borrowers who sign up to St.George’s Advantage Package home loan offer and is for a limited time.

It joins the major banks and fellow Westpac-brand RAMS by offering a fixed-rate home loan under 5% as well as a number of non-bank and mutual lenders offering this rate or lower.

St George says it now offers the lowest fixed rates in the market compared with the major banks for two, three, four and five years under its Advantage Package with a three-year fixed rate of 5.29%, four-year fixed at 5.64% and five-year fixed a t 5.69%.

These new fixed home loan rates are available for a limited time for new customers, as well as for existing customers who would like to fix part, or all, of their current home loan.

Customers with fixed rate applications underway that have not yet settled are also eligible for these new lower interest rates.

St George is running a number of promotions to sign up new borrowers.

Until March 31, St George is offering to beat any advertised home loan rate offered by the four major banks, for new customers.

In addition, anyone who applies for a St George home loan receives a free Australian Property Monitors (APM) property profile report for the property they are interested in buying and its location.

St.George also offers conditional loan pre-approval that is valid for 6 months, as well as a low 5% deposit requirement to help customers get into their home sooner.

“We know that many customers like the security of having a set loan repayment each month, so fixed interest home loans are a very popular choice and can really help customers manage their personal finances more effectively. Customers also have the option to split their home loan between fixed and variable rates,” says Andy Fell, general manager for St George Retail Banking.