The Commonwealth Bank led the drop yesterday by slashing its 5 year fixed rate to 4.99%; the first time in CBA’s history to have it below 5%. This was quickly followed by Westpac and NAB (ANZ is still reconsidering its current rate of 5.79%).

For NAB, CBA or Westpac customers with an average, 25-year term, first homebuyer loan of around $300,000, the interest rate cuts will save $124 a month or $7440 over five years.

Contact us today to discuss how this benefits you in your path to purchase.

The full article can be read on the Australia here.