Commonwealth Bank pledges to match the competition

The benefits of going online to find low interest home loans may be even more apparent to Aussies following the announcement by the Commonwealth Bank that it will match any advertised interest rates from three of its major competitors.

Bargain-hunters who take to the internet to compare cheap home loans from the ANZ, NAB and Westpac have been promised that the best rates on offer from these financial institutions will be matched by the Commonwealth Bank.

Michael Cant, executive general manager of retail products at the latter, revealed that the company plans to communicate directly with customers to provide them with tips on reducing the terms of their loans.

He asserted that the goal is to help Aussies to own their property sooner and save money in the process.

"Buying a home is already a complicated and involved process, and we believe finding the best interest rate shouldn’t add to that," he stated.

Last week, Resi Mortgage Corporation's chief executive Lisa Montgomery told the Australian Associated Press that Aussies who maintain their current repayment levels even if the Reserve Bank of Australia cuts interest rates could end up saving money and reducing the time it takes them to own their home.

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