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Commonwealth Bank slashes fixed rate home loans by up to 60bps, leads market

9 August 2011:  The Commonwealth Bank now leads the market for a suite of fixed rate home loan products following a decision to slice up to 60bps (0.60%) off its fixed rate home loan products.

Fixed rates for 1 to 5 year products will range from 6.59% to 6.99% and will be the lowest rates for the 1 to 5 year products across all banks.

Ross McEwan, Group Executive Retail Banking Services at Commonwealth Bank said: “Many customers want certainty with their home loan repayments and we are pleased to take a lead and offer customers that peace of mind.”

These new rates will be effective Friday 12 August, 2011.

  1 Year 2 years 3 years 4 years 5 years
CBA (current) 6.84%
 
6.94% 6.99% 7.54% 7.59%
CBA (new) 6.59% 6.59% 6.59% 6.99% 6.99%
 
Change - 0.25%
 
-0.35% -0.40% -0.55% -0.60%

 

* Lowest rates include package discounts where applicable

 

For more information contact:

Steve Batten

Commonwealth Bank

Ph: (02) 9117 7050

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