CBA cuts mortgage rate to record low

Lender takes on rivals by reducing fixed five-year rate to below 5 per cent.

The Commonwealth Bank has cut its mortgage rate to the lowest point ever offered as it seeks to win new customers.

The lender is offering a five-year fixed rate home loan at an interest rate of 4.99% per annum, some 0.7% lower than the previous rate it offered, effective today.

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