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ISCOVER
Staff Reporter
Moments after the Reserve Bank announced it would keep rates on hold for the tenth consecutive month, the Commonwealth Bank of Australia slashed the interest on its fixed rate products for the second time within a month.
The major trimmed up to 16 basis points off its one and three year fixed interest rate home loans, taking the new one year rate to 6.48 per cent and the new three year package rate to 6.43 per cent.
The new interest rates will be available from today onwards on all home loan borrowings over $150,000.
CBA’s group executive retail banking services Ross McEwan said the new reductions would help give customers surety around their mortgage payments.
“We believe in this environment customers are looking for certainty with their home loan repayments. For new borrowings we believe these rates are one of the markets most competitive,” he said.
CBA is the second major in as many days to trim the interest on its fixed rate products, with St George yesterday cutting up to 15 basis points from its two and three year products.
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