Commonwealth Bank’s offer of a short-term discount to borrowers for any housing loan is a move that reflects the growing importance of online competition among Australia’s major banks.
Commonwealth Bank pledged to beat any advertised rate by ANZ, National Australia Bank and Westpac until the end of the September on new loans worth $100,000 or more, or new borrowings from existing customers of the same amount.
Michael Cant, Commonwealth Bank executive general manager of retail, said the guarantee was an effort to “get through the noise” or the complexity of the products and their increasing tendency to market them online.
CBA putting some heat into the loan market