CommBank slashes fixed home loan rates by up to 0.90%!
CommBank pulled out the big guns today by cutting most fixed rates across its home loan options.
This morning, the member of the big four dropped rates by a whopping 90 basis points across a number of investor and owner occupier, interest only fixed rate home loan terms.
So what do these loans look like now?
For investors looking to lock in their rate over a four year term , the Fixed Rate (Investment, Interest Only) and Fixed Rate (Investment, Interest Only) (Wealth Package) loans have been given the full cut treatment and are now sitting at 4.14% (5.18% comparison rate*) and 3.99% (5.04% comparison rate*) respectively.
And for owner occupiers, Commbank also slashed five year terms on both its Fixed Rate (Owner Occupier, Interest Only) and Fixed Rate (Owner Occupier, Interest Only) (Wealth Package) home loans, by a full 0.90%.
RELATED ARTICLE: No stopping the rate cut party: home loan lenders still slashing fixed rates
But that’s not all. CommBank have also chopped rates between 50 and 75 basis points on one and four year fixed term home loans for borrowers looking to make principal and interest repayments.
Fixed Rate (Investment, Principal & Interest)
| Fixed Term | New Rate | Change |
|---|---|---|
| 1 Year | 3.79% (5.48% comparison rate*) | -0.50 |
| 4 Year | 3.79% (5.06% comparison rate*) | -0.75 |
Fixed Rate (Owner Occupier, Principal & Interest)
| Fixed Term | New Rate | Change |
|---|---|---|
| 1 Year | 3.44% (4.93% comparison rate*) | -0.60 |
| 4 Year | 3.64% (4.63% comparison rate*) | -0.60 |
Fixed Rate (Investment, Principal & Interest) (Wealth Package)
| Fixed Term | New Rate | Change |
|---|---|---|
| 1 Year | 3.64% (5.27% comparison rate*) | -0.50 |
| 4 Year | 3.64% (4.94% comparison rate*) | -0.75 |
Fixed Rate (Owner Occupier, Principal & Interest) (Wealth Package)
| Fixed Term | New Rate | Change |
|---|---|---|
| 1 Year | 3.29% (4.73% comparison rate*) | -0.60 |
| 4 Year | 3.49% (4.52% comparison rate*) | -0.60 |
With another RBA cut somewhere on the horizon, it’s likely Aussie home loan seekers will see even more changes to fixed home loan rates from a range of lenders in the coming weeks or months.
While some deals may seem like they can’t get any better, it may be worth holding off to see what different lenders are willing to offer. Or if you can’t wait to pull the trigger, consider refinancing down the track after a rate cut.
RELATED ARTICLE: Refinance rush as lenders cut rates to crazy levels
Need a little help finding a home loan? Jump over to our home loan comparison table to weigh up your options or get in the know by reading our range of guides and tips.
* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.
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