CBA extends the battle for mortgage loan competition
More than 20,000 potential borrowers have approached the Commonwealth Bank since it sought to fend off the other three big banks as competition heats up for home loan customers.
It is offering a guarantee was to beat any advertised interest rate from its three major competitors, ANZ, NAB and Westpac.
Its guarantee will be available until the end of October for new customers who borrow a minimum of $100,000, as well as existing customers who take out new borrowings of $100,000 or more.
"Since we launched the home loan guarantee a few weeks ago, more than 20,000 people have come to us,” Michael Cant, the bank’s executive general manager of retail products, says.
The bank has recently reduced rates on its fixed-rate home loans. Its fixed rates for one- to five-year products range from 6.33% to 6.74%.
The Commonwealth Bank is also hosting a series of free home buying seminars across the eastern seaboard in October and November 2011.
