Research from financial comparison site, RateCity, shows that 11 lenders have cut their 3-year fixed home loan rates in the past fortnight.

Sally Tindall, money editor at RateCity says: “There are 142 mortgages with a rate under 4.5% and 11 under 4%, fixed until Christmas 2018.”

Yet few borrowers are taking up these rates, with just one in 10 new home loans being fixed.

“Historically, Australians have missed the boat when it comes to fixing, with many tending to ‘panic fix’ when rates were highest,” says Tindall.

When the cash rate peaked at 7.25% in March 2008, 25% of new loans were fixed. When rates fell to 3% in 2009, only 4% of new loans were fixed.

Tindall believes now is a good time to fix a home loan.

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