After what could be the last major rate reduction for this cycle, The Commonwealth Bank has delivered the lowest home loan comparison rate among the major banks.
While all of the big banks passed on this month’s 100 basis point RBA rate cut in full, a spread of 0.17 per cent remains between their new standard variable home loan rates, and 0.19 per cent on their comparison rates.
At 5.86 per cent, CBA’s latest comparison rate sits fractionally ahead of NAB’s 5.87 per cent.
St George will now have the highest comparison rate among the majors of 6.05 per cent while ANZ and Westpac will offer comparison rates of 6.01 and 6.04 per cent respectively.
While the RBA is widely expected to reduce the cash rate further in the coming months brokers may be looking at rates close to the lowest borrowers may see with CBA last week warning it may not pass further official cash rate cuts on in full.