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The Commonwealth Bank of Australia has vowed to beat any hot mortgage offers advertised by the other majors over the next month.
The bank’s executive general manager retail products Michael Cant said CBA’s “home loan guarantee” would be available until the end of September to all new customers who borrow a minimum of $100,000 as well as existing customers who take out new borrowings of $100,000 or more.
Mr Cant said competition between the majors was very intense at the moment and the bank’s home loan guarantee ensured it stayed one step ahead of its competitors.
"Our interest rates are already amongst the lowest in market, and our guarantee to beat our major competitors, means we’re putting our money where our mouth is,” he said.
“Buying a home is already a complicated and involved process, and we believe finding the best interest rate shouldn’t add to that.”
Throughout the traditional spring home buying season, Commonwealth Bank will also be talking directly to customers to share with them tips on how to save money and reduce the term of their loans.
“We don’t just want to offer people the best deal, we want to equip them with the know how, so they are saving money, and in the process own their home sooner.”
Rates refer to a fixed price or an amount charged by sellers or providers for their goods and services.