Fixed home loan rates have been slashed by at least three of the big banks. Westpac, ANZ and National Australia bank have all announced cuts in their fixed rate mortgages, with the other major banks all saying their rates are under review. 
It's great news for potential home buyers, but not so good news for borrowers who locked in fixed interest rates due to fears of further rises, as they will not be able to benefit from these cuts.
First to move was Westpac, who are cutting their rates by up to 1.1 per cent. The bank, which is merging with St George Bank, has cut one, four and five-year fixed rate mortgages, and according to a Westpac statement, now has the most competitive fixed rate in the market for three-year mortgages with a rate of 6.99%.
Next is National Australia Bank, who are reducing fixed-rate home loans by 1.6 per cent.
"Combined with our competitive variable rates, this gives our customers the benefit of locking in some certainty during these economically volatile times," NAB's Australia chief executive Ahmed Fahour said in a statement.
The ANZ also cut their fixed rate home loans, and now has a rate of 7.69% for two, three and four-year fixed rate loans.
Last week, all the major lenders cut variable home loan rates by up to 80 basis points.
These cuts come exactly one week after the Reserve Bank of Australia cut official interest rates by one full percentage point.
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