(16 June 2010 – Australia) Mortgage specialist RAMS has reduced its two and three year fixed rates in a bid to increase competition in the sector.The fully owned subsidiary of Westpac has dropped its fixed term rates by 0.31 percentage points, reducing the two year rate to 6.98 percent and the three year rate to 7.23 percent.
The firm has said that further expected rate rises over the next year the main driver behind a larger number of people looking for fixed term loans opposed to floating.