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ISCOVER
Staff Reporter
One of Australia’s major banks has announced it will cut up to 40 basis points from its suite of products.
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Yesterday, the Commonwealth Bank of Australia announced it would trim the interest on its one-, three-, four- and five-year fixed rate home loans.
This latest rate cut means Commonwealth Bank fixed rate home loans are now at their lowest levels for almost three years, with the four - and five-year fixed rate home loans the lowest they have been in over nine years.
CBA will now offer a three-year fixed rate of 5.84 per cent – down from 5.94 per cent.
Similarly, the lender will offer a five-year fixed rate of 6.14 per cent – down from 6.54 per cent.
The new interest rates will be available to new customers, or customers looking to switch from variable to fixed rate home loans from today onwards.
CBA’s executive general manager retail products & customers Michael Cant said it was great news for new customers looking to lock in their mortgages, offering them some certainty in the upcoming years.
“We’re pleased to be offering customers some interest rates that are the lowest they’ve been for more than nine years,” he said.
