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Three of Australia’s biggest banks have lowered their fixed rate mortgage rates as competition continues to fire up in the battle for market share.
Commonwealth Bank of Australia (ASX:CBA) moved first yesterday by cutting its five-year loan by 0.7 per cent to a new low of 4.99 per cent.
CBA says the new rate is effective immediately for new and existing customers purchasing its Wealth Package and Mortgage Advantage Package products.
National Australia Bank Limited (ASX:NAB) and Westpac Banking Corporation (ASX:WBC) swiftly responded by matching the 4.99 per cent per annum five-year fixed rate.
ANZ Banking Group (ASX:ANZ) said earlier this month it will announce the outcome of its rate review on the Friday following the Reserve Bank of Australia's (RBA) board meeting.
The Reserve Bank of Australia has now kept the key cash rate at a record low of 2.5 per cent for almost one year.
Commonwealth Bank reported a net profit of $4.2 billion in the first half of the 2014 financial year.
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