The CBA has just matched NAB’s decision earlier today to cut mortgage rates by 0.20%, taking CBA’s standard variable mortgage rate to 6.40%, just above the 6.38% rate offered by NAB. From Property Observer:
The Commonwealth Bank has become the second of the big four banks to announce its interest rate decision, passing on 20 basis points to borrowers.
From December 10, the bank’s standard variable rate will reduce to 6.40% per annum…
The Commonwealth bank once again said that it had to “balance the needs of 1.8 million home loan borrowers with those of its 11 million depositors and its shareholders…
“A significant factor impacting this balancing of needs has been the increased competition in the domestic deposit market which has benefited many customers, including those who rely on interest earnings to meet their living expenses,” said the bank.
The pressure is now on Westpac and ANZ to match their Big Four rivals.
