CBA moves on variable rates

  • By Christine St Anne

Ahead of the Reserve Bank’s decision to hold the cash rate steady, the Commonwealth Bank dropped its variable rates  on its home loans but only for new customers.

According to data from RateCity, Australia’s largest lender dropped its lowest variable rate down to 2.79 per cent, but only for new customers with at least 20 per cent equity in their property


CBA’s new home loan rates

Source: RateCity

The move makes CBA competitive on variable rates ahead of the three major banks but ANZ still has the more attractive rate of 2.72 per cent.

Lowest big four bank variable rates

Source: RateCity

Data from Canstar also revealed that the bank has also cut rates for its investment home loan customers.

The basic variable rates were cut by 0.15 percentage points for investors paying principal and interest and interest only, with a 70-80 per cent LVR.

While basic variable rate increased by 0.12 percentage points for investors paying principal and interest and interest only, with an 80-90 per cent LVR.