Commonwealth Bank cuts fixed rates by 20 basis points to 5.79%

The Commonwealth Bank has cut its one and three-year fixed mortgages by 20 basis points to a rate of 5.79% per annum for both products.

The new rates take effect from tomorrow (July 13) and are available for new borrowings over $150,000.

This means the bank is offering one of the cheapest fixed rates currently offered in the market, matching the three-year fixed rate offering of the Greater Building Society and QT Mutual Bank (QTMB), according to mortgage comparison website RateCity.com.au.

The Greater Building Society offers a one-year fixed rate mortgage at 5.64% per annum.

The Commonwealth Bank is now offering its lowest fixed rate home loans for more than three years and the lowest three-year fixed package rate of all the major banks.

“This latest rate cut is good news for customers looking to lock in rates, giving them greater certainty,” says Michael Cant, executive general manager of retail products and customers at the Commonwealth Bank.