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Tech & Science CBA drops 'fixed' home loan rate to 2.29%

13:41  20 march  2020
13:41  20 march  2020 Source:   msn.com

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Commonwealth Bank has cut its fixed - rate home loans to record-low levels but says it won't pass on any of the Reserve Bank of Australia's cash rate cut to its variable rate customers. CBA cut its one-, two- and three-year fixed home loan rates by 70 basis points to 2 . 29 per cent

CBA cut its one, two and three-year fixed home loan rates by 70 basis points to 2 . 29 per cent, while making no changes to its standard variable rate home The Reserve Bank earlier cut the interest rate to a record-low 0.25 per cent as part of a suite of economic support to cushion the blow of the

Commomwealth Bank ATM machine at The Corso in Manly and People Walking Past and the front door opened in a sunny day © Patricia Mado/Getty Commomwealth Bank ATM machine at The Corso in Manly and People Walking Past and the front door opened in a sunny day

Commonwealth Bank has cut its fixed-rate home loans to all-time low levels following the Reserve Bank of Australia's emergency stimulus measures.

CBA cut its one, two and three-year fixed home loan rates by 70 basis points to 2.29 per cent, while making no changes to its standard variable rate home loans.

The changes will save the average customer $400 a month, CBA said.

"These are unprecedented times, and they call for unprecedented measures," Commonwealth Bank quoted its chief executive Matt Comyn as saying in a tweet.

The Reserve Bank earlier cut the interest rate to a record-low 0.25 per cent as part of a suite of economic support to cushion the blow of the coronavirus pandemic.

Coronavirus: brokers are asking for exceptional measures for mortgage .
© ShutterStock Mortgage While France is paralyzed by the Covid-19 epidemic, the Professional Association of Credit Intermediaries is asking the public authorities for arrangements for help borrowers pay off their loan. To support the activity of the real estate market during the crisis linked to the Covid-19 , the brokers ask the Ministries of Housing and Finance to take temporary measures to help households to cope with the repayment of their mortgage or setting it up.

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