Commonwealth Bank of Australia
(ASX:CBA) will reduce mortgage rates by up to 0.4 percentage points on new one, three, four and five year fixed-rate home loans.
CBA says the latest cut means its fixed-rate home loans are now at their lowest in almost three years.
The rate cuts are available to new customers or customers that are seeking to switch from variable to fixed rate home loans.
The Rserve Bank of Australia decided to keep interest rates unchanged at 3.5 per cent at its September board meeting onTuesday.
Rival banks National Australia Bank Limited
(ASX:NAB), Westpac Banking Corporation
(ASX:WBC) and Australia and New Zealand Banking Group
(ASX:ANZ) are yet to announce whether they will reduce interest rates.
CBA reported a record profit of $7.1 billion for the full year.
