ING Direct has joined the raft of mortgage providers cutting fixed-rate home loans.

The online bank on Thursday said it had cut its three-year fixed-rate home loan to 6.29 per cent.

It had also cut its four- and five-year rates to 6.59 and 6.69 per cent, respectively, it said in a statement.

ING Direct executive director of delivery Lisa Claes said the cuts were to maintain “our competitive position in what is a very active market for fixed rate loans”.

Earlier on Thursday St George Bank and Credit Union Australia (CUA) both announced they had cut their fixed-rate loans.

St George, which is owned by Westpac Banking Corporation, said it had reduced its three-year fixed-rate home loan by 15 basis points to 6.39 per cent, and its two-year fixed-rate home loan by five basis points to 6.39 per cent.

CUA said it had cut its three-year fixed-rate home loan by five basis points to 6.34 per cent.

Earlier this week, Westpac cut the three-year fixed rate on its Premier Advantage package by 15 basis points to 6.44 per cent.

Most banks have been reducing rates on their fixed-rate loans as the expectations of a rate rise by the Reserve Bank of Australia weaken.