CBA today announced that it will cut its fixed home loan rates on Monday – the second cut this month.
The CBA one year guaranteed fixed rate home loan has been cut by 0.25 per cent to 8.69 per cent with reductions to all other fixed rate loans of between 0.41 and 0.11 per cent.
According to CBA the cuts – which follow ANZ and HSBC’s fixed rate cuts this month – reflected the “recent reduction in wholesale funding costs”.
CBA has refused to speculate on how it will treat a September rate cut however the bank said it would do its best to pass on any reductions on its standard variable rates.
“It is in our interest to pass on as much as we can to our customers and to remain competitive,” the bank said.
“We will review our full costs of funding at the time of any announcement by the RBA, taking into account any reduction in the official cash rate and do our best to pass on as much as we can to our customers.”
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