CBA says it will beat competitors' mortgage rates

With an uptick in buyer activity expected in the spring selling season, the Commonwealth Bank says it will beat the advertised home loan rates of its three major bank competitors – ANZ, Westpac, NAB – until the end of September.

The offer from the Commonwealth Bank applies to advertised rates only and to customers who borrow a minimum of $100,000.

Its Home Loan Guarantee campaign runs until the end of September and is available for both new customers and existing customers who take out new borrowings of $100,000 or more.

It follows the bank cutting interest rates by up to 0.16% for its one- and three-year fixed-rate home loans last week and a raft of fixed rate cuts by other lenders over the past few months. 

“Throughout the traditional spring home buying season, Commonwealth Bank will be talking directly to customers to share with them tips on how to save money and reduce the term of their loans,” says Michael Cant, the bank’s executive general manager for retail products.