CommBank plans to undercut NAB on mortgages

Commonwealth Bank is seeking to undercut NAB's market position with a plan to drop its standard variable lending rate below that of the Melbourne-based bank.

Last month CBA cut 40 basis points from its standard variable rate loan, taking it to 7.01 per cent, two basis points above NAB's 6.99 per cent, after that bank chopped 32 basis points from its rate.

Westpac chopped 37 basis points, taking its mortgage rate to 7.09 per cent, last month while ANZ cut 37 basis points to 7.05.

Source: Sydney Morning Herald