CBA reduces rates, offers refinancing rebates

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CBA reduces rates, offers refinancing rebates

Commonwealth Bank of Australia (CBA) is reducing rates on interest-only investment loans and offering refinancing rebates in a bid to build market share during the peak spring real estate season.  

The Sydney-based bank is targeting fixed-rate investor loans, a market segment that remains resilient despite attempts by regulators to cool it down. CBA is also trying to lure borrowers from other lenders with $1,250 rebates for investment and owner-occupier principal-and-interest home loans.

The bank is cutting owner-occupier principal-and-interest four- and five-year fixed home loans by 20 basis points to 4.19%. Meanwhile, investment interest-only four-year fixed-rate home loans will decrease by 10 basis points to 4.99%, and investment interest-only five-year fixed-rate loans will fall by 20 basis points to 4.99%.

CBA, which recently announced a $9.9bn full-year profit, slashed rates across an array of fixed interest-only and principal-and-interest loans over one, three, four, and five years.

Other lenders are expected to cut rates over the coming weeks in a bid to attract residential borrowers. Credit Union Australia (CUA), Suncorp, and Bankwest have cut rates or reduced mandatory deposits since the beginning of the month.
 

Whether you are looking to buy your first home, move home, refinance, or invest in property, a mortgage broker can help. Access loans from all the major lenders, get help with paperwork – plus there is no charge for this service. Get help from a local mortgage broker

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