Commbank slashes fixed rate, forces others to follow

It's unheard of: a five-year fixed rate loan from a major bank with a four in front of it.

The CBA threw down the low-mark but was quickly followed by the National Australia Bank, which has a policy to be equal to the cheapest in the market.

It means both are now one percent cheaper than ANZ and Westpac, which are almost certain to move.

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