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.


  • by Richard 23/07/2014 2:54:22 PM

    They are probably trying to win back the financial planning customers who have been shafted from dodgy advice.

  • by Ed Ridge 24/07/2014 10:37:41 AM

    Richard you are probably right but the only problem is those people have lost their homes so don't have a mortgage and no hope of getting one now!!

  • by Dean 24/07/2014 11:15:53 AM

    How does the whole "cost of funds" argument stack up now. They've all been sitting on big fat margins until a competitor moved then (strangely enough) the others can make the decision and match it within a matter of hours.