Nov 4 (Reuters) - Australia's biggest lender Commonwealth Bank of Australia (CBA) on Wednesday said it will reduce interest on fixed rate home loans after the central bank trimmed interest rates to near zero in a bid to prop up a sagging economy.
The lender, however, did not pass on the rate cut to variable rate mortgages which accounts for about 80% of its loan book.
The Reserve Bank of Australia cut interest rates on Tuesday to support job creation and tackle a high rate of unemployment after the coronavirus outbreak forced businesses to down shutters, leaving hundreds of thousands without work.
In a statement, CBA said the interest on new four-year fixed rate home loans for owners occupying the property would be reduced 100 basis points, while one-, two- and three-year plans would get a much smaller reduction of 10-15 basis points.
Rates for unsecured business loans through the government's small and medium enterprises loan guarantee scheme and some fully secured business loans would also drop, the lender said.
- Forums
- ASX - By Stock
- News: CBA Australia's CBA cuts rates on fixed rate home loans, variable rate loans unchanged
Nov 4 (Reuters) - Australia's biggest lender Commonwealth Bank...
-
- There are more pages in this discussion • 7 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add CBA (ASX) to my watchlist
|
|||||
Last
$132.78 |
Change
-0.360(0.27%) |
Mkt cap ! $222.2B |
Open | High | Low | Value | Volume |
$132.60 | $133.10 | $132.27 | $150.0M | 1.130M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 5567 | $132.78 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$132.80 | 1656 | 2 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 5567 | 132.780 |
1 | 4000 | 132.750 |
1 | 1252 | 132.710 |
1 | 100 | 132.620 |
2 | 4110 | 132.600 |
Price($) | Vol. | No. |
---|---|---|
132.800 | 1656 | 2 |
132.850 | 2197 | 5 |
132.870 | 440 | 1 |
132.900 | 70 | 1 |
132.910 | 60 | 1 |
Last trade - 16.10pm 24/07/2024 (20 minute delay) ? |
Featured News
CBA (ASX) Chart |
The Watchlist
LGP
LITTLE GREEN PHARMA LTD
Paul Long, CEO
Paul Long
CEO
Previous Video
Next Video
SPONSORED BY The Market Online