Commonwealth Bank of Australia (ASX:CBA) has cut its fixed home loan rate by up to 60 basis points.
According to Reuters CBA’s fixed rates for its one to five-year products will now range between 6.59 per cent to 6.99 per cent.
CBA’s group executive retail banking services Ross McEwan says the move is geared to offer customers peace of mind and certainty with their home loan repayments.
Reuters says the move was made on the back of recent steep falls in longer-term lending rates, giving CBA the lowest new fixed rates for loans from Australia’s big four banks.
CBA booked a net profit of $3 billion in the first half of its 2011 financial year.
