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Aussies are being warned not to get too excited over fixed rate home loans, despite the Commonwealth Bank and National Australia Bank slashing their five-year rates to record lows.

CommBank cut its five year fixed rate to 4.99 on Wednesday, with NAB quickly cutting its three and four-year rates to further below the other big banks.

Canstar senior financial analyst Mitchell Watson cautioned people not to dive in, as they could be slapped with hefty costs if they break or repay a loan before a fixed rate period is up, such as when moving house or simply readjusting finances.

The price war comes on the same day higher-than-expected inflation figures appeared to reduce the chances of the Reserve Bank cutting official interest rates in the short term.


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