Major cuts fixed rate to new low

by Adam Smith23 Jul 2014
A major bank has cut its fixed rate to what it claims is its lowest ever.

Commonwealth Bank has cut its five-year fixed rate by 70bps to 4.99%. The bank said the new rate is the lowest five-year fixed rate ever offered by CBA.

The new rate is effecting for new and existing customers from 23 July, and will apply to the bank's Wealth Package and Mortgage Advantage Package products.

"This is a great opportunity for customers to lock in an extremely competitive rate for five years," Commonwealth Bank executive general manager of retail products and third party Lyn Cobley said.