Commonwealth Bank of Australia, the country's biggest lender, cut interest rates for some of its home loan products for new customers on Friday, stoking...
- Commonwealth Bank of Australia, the country's biggest lender, cut interest rates for some of its home loan products for new customers on Friday, stoking fears of spurring intense competition in the local mortgage market.CBA said in a statement it cut the variable mortgage rate for new borrowers with a 20% deposit by 25 basis points to 6.89%, while those with larger deposits will see a 20 basis point reduction, effective immediately.
The intense market competition, however, calmed once CBA became the first major bank to reduce mortgage discounting following the first-half result in February. ANZ cut deposit rates by 80 basis points whereas CBA cut by up to 50 basis points according to the report.
Interest Rates Term Deposit Rates Basis Points
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