In what has been touted as an industry first, the Commonwealth Bank has launched a new no fee variable interest rate home loan.
The new home loan, which boasts an interest rate of 7.24 per cent, does not charge customers any bank fees for the life of the loan.
“Commonwealth Bank’s no fee home loan adds additional competition to an already competitive mortgage market," said CBA group executive of retail banking Ross McEwan.
"We have seen some moves in recent weeks that show our competitors are trying to catch up to our leading position and we welcome the challenge, because competition is good for customers.
“Our no fee home loan is the very first of its kind in the Australian market, with no annual fees, no monthly fees, no exit fees – no bank fees at all.
“We are committed to developing market leading products that provide full flexibility and value to our customers. This is only one of the reasons why more Australians have their home loans with us.”