Business
CBA, Westpac cut fixed home loans but leave variable rates unchanged – Sydney Morning Herald
Westpac and CBA have not passed on the RBA’s record low cash rate cut to most of their customers, but have offered historic low rates on fixed-term loans.
CBA’s interest rates on business loans, including those using the government’s small business loan guarantee scheme, would also be cut by up to 0.5 per cent.
Westpac similarly reduced its fixed interest small business loans by 0.56 per cent, for customers on three to five year terms. These rate changes will be effective from November 9, it said.
CBA’s retail banking executive Angus Sullivan said the RBA’s move to stimulate the economy would give borrowers confidence.
“Yesterdays move by the RBA…
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