By business reporter Michael Janda Mortgage market competition has intensified, with two major banks slashing their five-year fixed rates. The Commonwealth Bank sparked the latest round of rate reductions by slashing its five-year fixed rate to 4.99 per cent, a move matched by National Australia Bank. These two rates are actually below the banks' discounted variable mortgage rates, with NAB also lowering rates on its shorter-term fixed loans. The move is being seen by analysts as a market share grab, and they also warn the real rate is not as good as the headline looks. More » |
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