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CBA and WBC just dropped their fixed rates

Commonwealth Bank, Westpac cuts fixed-rate home loans


COMMONWEALTH Bank of Australia said today it has cut its fixed-rate home loans by 60 basis points.

Fixed rates for one- to five-year products will now range from 6.59 per cent to 6.99 per cent, it said in a statement.

"Many customers want certainty with their home loan repayments and we are pleased to take a lead and offer customers that peace of mind," said Ross McEwan, group executive of retail banking services.

Westpac later said it was cutting its three-year fixed mortgage rate by 20 basis points to 6.79 per cent.

The announcement came after the US stockmarket rout that sent the Dow Jones Industrial Average plunging to the sixth biggest point drop in its history, reflecting a toxic brew of investor fears over government debt and the chances that the economy will slide into another recession.

http://www.theaustralian.com.au/business/financial-services/commonwealth-bank-cuts-fixed-rate-home-loans/story-fn91wd6x-1226111417281