CBA home loan guarantee attracts 20k people

The Commonwealth Bank of Australia (CBA) has revealed that since offering to match the advertised interest rates of any of the other three major banks in the country, some 20,000 people have enquired about home loans.

As well as offering to match the prices of competitors such as ANZ, Westpac and the NAB, the bank also recently reduced interest rates on its fixed-rate home loans.

For its one-to-five year product range, the firm dropped its rates from 6.74 per cent to 6.33 per cent.

Michael Cant, executive general manager of retail products at the bank, commented: "Since we launched the Home Loan Guarantee a few weeks ago, more than 20,000 people have come to us seeking a better home loan deal. We are committed to helping home owners own their homes sooner."

However, this comes after Mortgage Choice spokesperson Kristy Sheppard asserted that Aussies should look beyond the interest rates on offer and consider other features, such as quality of service and whether to opt for a fixed or variable rate loan.

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