CBA sanctions interest rate cuts

The Commonwealth Bank of Australia (CBA) has cut the interest rates attached to some of its home loan products.

A statement released by the lender has confirmed that a selection of its fixed-rate mortgages will be affected by the reduction.

At the start of May, the Reserve Bank of Australia trimmed the national cash rate by 50 points to 3.75 per cent and lenders have been passing on the savings throughout the month.

CBA customers with two-year deals and minimum borrowings of $150,000 will see the rates attached to their home loans fall by as much as 0.4 per cent as of today (May 25th).

People who have four and five-year fixed-rate mortgages will benefit from a 0.35 per cent cut, the bank confirmed.

This is great news for cash-strapped homeowners, especially at a time when a lot of Aussies are struggling to cope with the high cost of living.

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