Powered by MOMENTUM MEDIA
subscribe to our newsletter

CBA cuts rates by 13 basis points

Commonwealth Bank has responded to the Reserve Bank of Australia’s (RBA) cash rate decision by reducing interest rates for home owners and small business while increasing term deposit rates.

The major bank's standard variable rate (SVR) mortgages will reduce by 0.13 per cent, taking the rate for owner occupiers to a record low 5.22 per cent. The SVR for investor loans will fall to 5.49 per cent. While this decrease delivers benefits to mortgage holders, Commonwealth Bank will also support savers by increasing the return on several products, some by as much as 0.55 per cent.

“While the circumstances of each RBA rate decision will always vary, we’ve carefully considered the current environment and the needs of both borrowers and savers,” said Matt Comyn, CBA's group executive retail banking services.

“Today we’ve reduced our mortgage rates to a record low while increasing term deposit rates to provide an opportunity to the millions of Australians who rely on savings," he said. 

To meet the needs of savers, Commonwealth Bank will increase one, two and three year term deposits with all rates set to rise to 3.0 per cent or greater.

Advertisement
Advertisement

PROMOTED CONTENT


“Given increased funding costs and capital requirements, today’s announced changes seek to balance the needs of both customers and shareholders,” Mr Comyn said.

Business customers with variable rate products will also benefit from a 0.13 per cent rate reduction.

CBA cuts rates by 13 basis points
mortgagebusiness

Latest News

Preliminary ABS data has revealed that the value of residential construction work done has declined in the September quarter to its lowest l...

Westpac and its subsidiaries have reduced its owner-occupied and investment property fixed home loan rates, effective 24 November. ...

Defence Bank has appointed two new board directors and announced the retirement of long-term director Lieutenant Colonel Craig Madden. ...

FROM THE WEB

Join a group of highly informed brokers.

Broker Pulse, a community-driven knowledge base of lender performance Reveal exactly which lenders are making life easiest for brokers and their clients by taking this monthly survey and joining a group of highly informed brokers who leverage these insights every month.

JOIN NOW
podcast

LATEST PODCAST: Responsible Lending - what could lie ahead for lenders, brokers and borrowers?

Do you expect to see strong uptake of the HomeBuilder scheme?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.