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Commonwealth Bank has unveiled the lowest five-year fixed rate in its history.
The bank announced this morning that it had reduced its five-year rate from 5.69 per cent to 4.99 per cent for its Mortgage Advantage Package and Wealth Package products.
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The new rate is effective immediately.
Commonwealth Bank’s executive general manager of retail products & third party, Lyn Cobley, said the rate reduction was good news for borrowers.
“This is a great opportunity for customers to lock in an extremely competitive rate for five years. It’s just another way Commonwealth Bank is helping more Australians own their home,” she said.
The rate cut comes after Commonwealth Bank confirmed earlier this month that it is working on a new commission structure that will provide more flexibility for brokers.
“The new structure, to be rolled out later this year, will allow brokers to choose what is best for their business,” the bank told The Adviser.
“For example, new brokers may prefer a higher upfront payment compared to more established brokers who may prefer higher trail payments.”
[Related: CBA named among world’s most valuable banks]
