Commonwealth Bank has announced its lowest ever fixed rate for home and investment home loans effective today.
Today CBA is announcing:
- 20 bps reduction to 1.94% p.a. on new two year fixed rate home loans for owner occupiers paying principal and interest in the Wealth Package. This is CBA's lowest ever advertised home loan rate;
- 30 bps reduction to 2.39% p.a. on new three year Fixed Rate home loans for Investors paying Principal and Interest in the Wealth Package. This is CBA's lowest ever advertised investor rate;
- New digital splitting tool in NetBank and the CommBank app.
Michael Baumann, Executive General Manager, Home Buying said: "We know that customers are looking to lock in the certainty of fixed rates with around 40 per cent of new customers fixing their loans to take advantage of the current record low rate environment. These changes allow home owners and investors to take advantage of our lowest ever fixed rates, adding to our already market leading home lending solutions including the recently announced CommBank Green Loan."
Today's announcement comes as CommBank launches a new digital splitting tool for customers looking to split their variable home loan to take advantage of the certainty of a fixed rate and the flexibility of a variable home loan.
Eligible customers can now split their home loan in NetBank and the CommBank app in a few easy steps by selecting the portion of their loan and the term they would like to fix and see in real-time how this split changes their repayments.
"We have made it easier than ever for eligible customers to take advantage of the new fixed rates announced today with the launch of this easy to use feature in the CommBank app and NetBank. There is a limited understanding from customers that they can split their loan and this new tool gives customers even more control of their finances and the flexibility of redraw and offset," Mr Baumann said.
- The new fixed rates will take effect on Monday, 22 March
- The new digital splitting tool will launch for all customers on Monday, 22 March
To see our new fixed rates customers can visit https://www.commbank.com.au/home-loans/fixed-rate.html.
