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Commonwealth Bank extends guarantee to beat advertised major bank home loan rates

Monday, 10 October 2011, Sydney:  The Commonwealth Bank announced it is extending its Home Loan Guarantee until 31 October 2011, as a result of its popularity with borrowers.

The offer, which sees the Commonwealth Bank guarantee to beat any advertised rate of its three major competitors, ANZ, NAB and Westpac, was launched in September this year.

The Guarantee is available to new customers who borrow a minimum of $100,000, as well as existing customers who take out new borrowings of $100,000 or more.

Michael Cant, Executive General Manager Retail Products, Commonwealth Bank, said the extension of this offer demonstrated the Bank’s willingness to listen to what its customers want.

"Since we launched the Home Loan Guarantee a few weeks ago, more than 20,000 people have come to us seeking a better home loan deal.  We are committed to helping home owners own their homes sooner” Mr Cant said.

In a separate move, the Bank has also reduced rates on its Fixed Rate Home Loans.  Fixed package rates for 1 to 5 year products will range from 6.33% to 6.74% and will be one of the lowest rates across the Big 4 banks.

Commonwealth Bank is also providing advice on its website, detailing how people can save money on their home loan without changing the interest rate, and will host series of free home buying seminars across the Eastern seaboard in October and November 2011.

For further information on Commonwealth Bank’s Home Loan Guarantee or home buying seminars, visit: www.commbank.com.au/guarantee


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Media contact:

Tracy Hicks, PR Advisor
Commonwealth Bank
P: 02 9118 6919
M: 0478 306 055
E: tracy.hicks@cba.com.au


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