CBA announces new cuts on fixed-rate mortgages

Exactly one week after the Commonwealth Bank (CBA) announced it would trim interest rates on its standard variable home loans by 20 points, the company has revealed that its fixed-rate packages are also due to be altered.

The organisation has confirmed that the interest rates attached to its one to five-year fixed-rate mortgages will be cut by 30 points.

Bosses added that the move will see the firm's three, four and five-year deals fall to their lowest point for more than 22 years.

The company also unveiled plans to reinstate its Home Loan Guarantee offer, which pledges to beat the rates offered by other banks on one to five-year fixed-rate offerings.

"With some rates now the lowest they have been in over 20 years, customers are increasingly taking up fixed-rate home loans," commented CBA's Clive van Horen.

The Fixed Rate Guarantee is available now and is valid for applications made before November 9th.

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