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Commonwealth Bank has continued cutting its fixed rates by announcing cuts of up to 50 basis points.
The major has reduced its three-year rate from 5.09 to 4.94 per cent.
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It has also cut its four-year rate from 5.59 to 5.09 per cent.
These reductions apply to Commonwealth Bank’s Wealth Package and Mortgage Advantage Package products and are effective immediately.
The bank’s executive general manager of retail products and third-party banking, Lyn Cobley, said Commonwealth Bank is making it easier for Australians to buy property.
“With our competitive fixed rate and variable home loans, we are offering customers the flexibility to tailor a loan to suit their needs now and in the future,” she said.
One lender after another has been cutting rates since Commonwealth Bank first unveiled the lowest five-year rate in its history on July 23.
[Related: New commission structure coming, says CBA]
