Commonwealth Bank Cuts Rates: Relief for Millions of Aussie Homeowners
- Commonwealth Bank reduces variable home loan interest rate
The largest home loan provider in Australia has reduced its adjustable mortgage interest rates, indicating that the country's four major banks are increasingly vying for new clients – with further official assistance anticipated.
The Commonwealth Bank has reduced its online-exclusive mortgage rate by six basis points to 5.84 percent for new clients.
This has now become the lowest rate among the Big Four banks, tying for the least. Westpac and ANZ also sharing the same variable rates.
However, the Commonwealth Bank offers its lowest interest rate with a larger 40 percent home loan deposit, surpassing Westpac’s requirement of 30 percent and ANZ’s requirement of 20 percent.
NAB 'ubank's subsidiary also provides a 5.84 percent interest rate, whereas CBA’s spin-off, Unloan, boasts an even more competitive rate of 5.74 percent.'
The most recent decrease in CBA’s floating interest rates precedes the Reserve Bank’s scheduled meeting on May 20th. The futures market anticipates an additional 25-basis-point reduction, which would push the rate to 3.85 percent—the lowest level seen since June 2023 for the first time.
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