Major slashes three-year fixed rate, offers best-price 'guarantee'

CBA has announced it’s ‘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 major lender has also announced it’s cutting interest rates on new three-year fixed rate home loans to 4.89% per annum.

CBA acting executive general manager for Retail Products and Customers, Clive van Horen, says customers are 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 are available to new customers from today. The fixed rate guarantee will end September 30, 2013.