Major bank slashes fixed rates

by Caroline Dann13 Jul 2012

CBA has cut its fixed rate to 5.79%, the lowest level in three years.

The rate will apply to all new loans over $150k. CBA's executive general manager of retail products, Michael Cant, told the Australian Financial Review it gave customers "greater certainty."

Banks are now under increasing pressure to entice borrowers back to fixed rates.

The number of fixed rate loans fell by 2% this month. Many see the RBA's predicted cuts from August onwards as boosting the popularity of variable rate loans.


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