CBA cuts fixed rates

Effective from today (22 August), Commbank has cut its fixed rate home loans but up to 0.45 per cent per annum.

This announcement arrives on the same day as the recent 0.25 per cent cut to variable rates comes into effect, off the back of the RBA cash rate decision.

For a principal and interest (P&I) owner-occupied home loan, the new package rate is:

• 1-year fixed rate: 5.49 per cent (0.20 per cent cut)
• 2-year fixed rate: 5.44 per cent (0.30 per cent cut)
• 3-year fixed rate: 5.34 per cent (0.15 per cent cut)
• 4-year fixed rate: 5.79 per cent (0.10 per cent cut)
• 5-year fixed rate: 5.94 per cent (0.35 per cent cut)

For P&I investment home loans:

• 1-year fixed rate: 5.64 per cent (0.35 per cent cut)
• 2-year fixed rate: 5.59 per cent (0.30 per cent cut)
• 3-year fixed rate: 5.49 per cent (0.30 per cent cut)
• 4-year fixed rate: 5.94 per cent (0.05 per cent cut)
• 5-year fixed rate: 6.14 per cent (0.30 per cent cut)

For interest only (IO) owner-occupied home loans:

• 1-year fixed rate: 5.89 per cent (0.35 per cent cut)
• 2-year fixed rate: 5.84 per cent (0.25 per cent cut)
• 3-year fixed rate: 5.79 per cent (0.15 per cent cut)
• 4-year fixed rate: 6.19 per cent (0.15 per cent cut)
• 5-year fixed rate: 6.34 per cent (0.20 per cent cut)

For IO investment home loans:

• 1-year fixed rate: 5.74 per cent (0.35 per cent cut)
• 2-year fixed rate: 5.69 per cent (0.45 per cent cut)
• 3-year fixed rate: 5.64 per cent (0.35 per cent cut)
• 4-year fixed rate: 6.04 per cent (0.25 per cent cut)
• 5-year fixed rate: 6.19 per cent (0.35 per cent cut)

“We regularly review our interest rates to ensure we’re offering competitive and flexible home loan solutions,” a CBA spokesperson said.

“As Australia’s largest lender, we remain committed to delivering value through a diverse range of home loan options, supported by expert advice and digital tools designed to meet the evolving needs of our customers.”

This announcement comes off the back of the RBA’s 25 bps interest rate cut on 12 August, which saw just about every lender, including CBA, pass along the full variable interest rate adjustment.

[Related: Borrowers breathe sigh of relief as RBA cuts rates]

Jack Campbell is the editor of Broker Daily. After graduating from the University of Wollongong in 2022, Jack began his journalistic career working on Broker Daily’s sister brand, HR Leader. In August 2023 he was made the news editor and worked alongside some talented journalists writing articles and recording podcasts.

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