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Sub four per cent lending rates return

Heritage Bank yesterday chirpily boasted that it "broke the magical four per cent barrier, offering one of the lowest advertised home loan annual percentage rates of any Australian bank."The rate is 3.99 per cent for one year, a fixed home loan rate.The comparison rate is a cynicism inducing 5.58 per cent.ME Bank yesterday dropped its thee-year fixed home loan rate by ten basis points to 4.59 per cent (a comparison rate 5.18 per cent). "It's the lowest three-year fixed home loan rate the bank has offered since it became a bank in 2001," ME Bank pointed out.With Heritage in the lead, the industry is drifting into territory last occupied by State Bank of NSW more than 20 years ago.

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