Commonwealth Bank cuts 3-year fixed rate home loans to 4.89% per annum

Some of its fixed home loan rates are at 20 year lows.

Commonwealth Bank has committed to beating the advertised rates on One-to-Five Year Fixed Rate Home Loans from competitors ANZ, NAB, Westpac, St George, Bank of Melbourne, and Bank SA for the next seven weeks.

In addition to the Guarantee, the Bank has also announced it is cutting interest rates on new Three-Year Fixed Rate Home Loans to 4.89 per cent per annum.

Commonwealth Bank Acting Executive General Manager for Retail Products and Customers, Clive van Horen said customers were increasingly looking to lock in a competitive rate, with some fixed rate terms at historic lows.

“Some of our fixed home loan rates are at 20 year lows, so now is a great time for customers looking for a guaranteed rate across either the short to medium term.”

The offer is available to new and existing customers who take out a new Fixed Rate Home/Investment Home Loan or switch into a Fixed Rate Home/Investment Home Loan.

Both the Fixed Rate Home Loan Guarantee and the Three-Year Fixed Rate Home Loan will be available to new customers from 9 August 2013. The Fixed Rate Guarantee will end 30 September 2013.