Commonwealth Bank reduces discounts on new home loans

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CommBank scaled down its mortgage offerings as the country’s biggest home loan lender faces increased funding pressures. The bank is said to have sent out a memo informing the broking industry that it was decreasing its discounts on new home loans. Preferred rates have been cut back for new mortgage loans under Commonwealth Bank.

CommBank shaved off up to 15 basis points on discounts offered to new borrowers hoping to take out a loan under the bank’s Mortgage Advantage Packaged Owner Occupied and Investment Home Loan deals. However, discount reductions were reflected on only a number of variable rate home and investment home loan products.

Eight basis points have also been deducted from discounts offered to new mortgage loans for owner-occupied and investment under the bank’s Three-Year Special Rate Saver, Extra Life of Loan, and Extra Introductory Rate products. Headline rates remain unchanged as CommBank opted not to increase or decrease these rates.

The discount cuts for these new home loans were implemented starting August 26.

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