ING Bank Australia has cut its fixed home loan rates and is now offering the lowest four and five-year rates on the Canstar database. It joins a number of other lenders cutting fixed rates as they position their offerings to attract the large number of borrowers who will be coming off fixed rate contracts from next month. ING cut fixed rates by 25 basis points for owner occupiers with loan-to-valuation ratios below 80 per cet. Three and four-year rates are now 5.34 per cent and the five-year rate is now 5.44 per cent. It cut the one-year fixed rate by 20 bps to 5.44 per cent and its two-year rate by 20 bps to 5.44 per cent. Canstar said ING joins 10 other lenders that have cut fixed rates over the past couple of weeks. Others include Macquarie Bank, Bank of Us, Teachers Mutual Bank, Firstmac, Hume Bank and Up. Macquarie cut its fixed rates by 30 bps across the board, while most other cuts were 20 or 25 bps. IMB has the lowest one and two-year rates, at 5.04 per cent for one year and 5.24 per cent for two years.  The lowest three-year rate is 4.99 per cent, which is being offered by Queensland Country Bank and The Capricorn. The average variable home loan rate is now 6.14 per cent and likely to rise in coming months. Canstar said close to a quarter of principal and interest variable rate loans are currently priced above 6.5 per cent.