Commonwealth Bank cuts fixed rate mortgage offerings
The Commonwealth Bank will cut interest rates on new one-, three-, four- and five-year fixed-rate home boans by up to 0.4 percentage points per annum from September 7.
The benchmark three-year fixed rate mortgage will reduce by 10 basis points from 5.84% to 5.74%.
This latest rate cut means the bank's fixed rate mortgages are now at their lowest levels for almost three years, with the four- and five-year products the lowest they have been in over nine years.
The new interest rates will be available to new customers, or customers looking to switch from variable to fixed rate home loans.
"This latest fixed-rate home loan interest rate reduction is great news for new customers looking to lock in their mortgages, offering them some certainty in the upcoming years," said Michael Cant, executive general manager of retail products and customers at the Commonwealth Bank.
| One Year | Three Years | Four Years | Five Years |
CBA (current*) | 5.84% | 5.84% | 6.44% | 6.54% |
CBA (new*) | 5.74% | 5.74% | 6.14% | 6.14% |
Change | -0.10% | -0.10% | -0.30% | -0.40% |