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Commonwealth leads the mortgage discounting war

21/09/2011

The level of competition between the four major banks in the $1.2 trillion mortgage market is the most intense it's been for at least a decade.

CBA promised this month to "beat any advertised interest rate" from its big bank rivals.

Feedback from the broking industry says CBA has been offering discounts of as much as 1.02 per cent on its published variable rate for new customers who are borrowing a minimum of $500,000, and able to stump up 20 per cent of the cost of the house.

About 95 per cent of CBA's variable-rate customers pay less than the headline rate. Over the last two to three years, the bank's average discount has been about 0.7 per cent.

Source: The Australian



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