Major slashes three-year fixed rate, offers best-price 'guarantee'

by AB09 Aug 2013

CBA has announced it’s ‘beating the advertised rates’ on one-to-five year fixed rate home loans from competitors ANZ, NAB, Westpac, St George, Bank of Melbourne, and Bank SA for the next seven weeks.

In addition to the guarantee, the major lender has also announced it’s cutting interest rates on new three-year fixed rate home loans to 4.89% per annum.

CBA acting executive general manager for Retail Products and Customers, Clive van Horen, says customers are increasingly looking to lock in a competitive rate, with some fixed rate terms at historic lows.

“Some of our fixed home loan rates are at 20-year lows, so now is a great time for customers looking for a guaranteed rate across either the short to medium term.”

The offer is available to new and existing customers who take out a new fixed rate home/investment home loan or switch into a fixed rate home/investment home loan.

Both the fixed rate home loan guarantee and the three-year fixed rate home loan are available to new customers from today. The fixed rate guarantee will end September 30, 2013.


  • by Tracy Kennedy 9/08/2013 9:10:25 AM

    The CBA may think that they are leading the way, but they are still 10bp behind ME Bank's 3 year fixed rate of 4.79%.

  • by Country Broker 9/08/2013 9:16:03 AM

    Suggest the fine print be read , it is a genuine offer , only applies to the other 3 majors and some of their brand names. Lock fee is $750 !!
    No mention of beating white label products or the likes of ME and others , Publicity seeking . possibly , just like Westpac's variable rate reduction announcement. which still left their standard variable rate home loan offer higher than the other ( waiting on ANZ)

  • by Broker 9/08/2013 9:17:30 AM

    Which really means rates have further to fall, so don't lock in just yet!