• expired

CBA Rate Cut - 1.99%pa OO P&I 4 Year Fixed, $2k Cashback from CBA + $1k Cashback from Loan Base for Lending > $750k Utilised


CBA has just announced they are cutting their fixed rates as follows (which include a $2k refinance cashback from CBA):

Owner Occupied
  • 4 Year Fixed - 1.99% P&I - (3.78% comparison)
  • 2 Year Fixed - 2.14% P&I - (4.12% comparison)
  • 3 Year Fixed - 2.14% P&I - (3.97% comparison)

The deal is not yet up on CBA's website, but has been announced on AFR - https://www.afr.com/companies/financial-services/cba-cuts-ra...

Product fees:

  • $200 settlement fee
  • $395 annual fee


In addition to the CBA rate, we are offering a $1k upfront cashback for utilised lending larger than $750k (excluding offset and redraw) for any fixed term loan of 2 years or more.


If you're currently with CBA, we can easily switch you over to one of these deals without needing to go through the hoops at CBA (unfortunately we cannot provide a cashback in this instance)


You can go direct to CBA, but they'll probably be swamped.

Alternatively, as a premium online broker, we offer a completely free service and advice. Please reach out to one of our two senior brokers to discuss the above deal and other offers we may have available. If you are going to e-mail, please cc in both brokers to receive the most timely service as we are extremely busy at present.

Due to unprecedented interest and to be fair to the clients already in queue for application lodgement, we are generally only able to assist clients with lending larger than $500k excluding offset and redraw. Feel free to PM me if you fall below this threshold as we may be able to assist on an exception basis.

Leo Gonzales - Senior Broker

E: [email protected]
Book time into their calendar: https://calendly.com/loanbase-leo/initial

Andrew Loucas - Senior Broker

E: [email protected]
Book time into their calendar: https://calendly.com/loanbase-andrew/quickchat

Our Online Platform

Alternatively, you can register on our platform to review your options or to chat online with our team - https://loanbase.com.au/compare-home-loans-fva - note that SMS verification will be required.

The landing page linked above will not mention the $1k additional Loan Base cashback, please mention the OzBargain coupon code when speaking with our brokers to qualify.

About Us

We're one of Australia's leading online brokerages, having recently won numerous industry accolades including 2020 Finalist status from the Australian Broking Awards, and 2 Excellence awards from the AMA's for Digital Strategy and Young Gun of the Year. Our premium online platform streamlines the entire mortgage process from start to finish, and our focus on customer service ensures you receive outstanding support from our team of brokers.

Qualifying criteria for the Loan Base Cashback
  • Cashback only applies for fixed term loans of 2 years or more
  • You must mention this Oz Bargain offer to qualify for this cashback.
  • If you proceed with an application for one of the above products and successfully settle total utilised lending (net of offset or redraw) of more than $750k, we will provide you with a $1,000 cashback after settlement.
  • This cashback offer is only available for applications submitted onwards from November 4th 2020.
  • Maximum of 1 cashback per household (e.g. per couple)
  • A product switch (i.e. CBA to CBA) is not eligible for the Loan Base cashback

Comparison Rates

Any quoted comparison rate is only true for the example given and may not include all fees and charges. Different terms, loan amounts or fees may result in a different comparison rate. Comparison rates are based on a loan amount of $150,000 over a loan term of 25 years.

Note that comparison rates can be misleading depending on your loan size, as the assumed $150k loan size means that fees have an outsized impact on the comparison rate calculation. This is why we include a "true rate" in the solution proposal we provide you with, as this factors in your actual total lending instead of the arbitrary $150k. Comparison rates also assume that the revert rate (in the case of fixed loans) will be the actual rate you remain on upon fixed expiry, where usually we would negotiate a new fixed term or variable rate discount with your lender on your behalf.

Company Details

Loan Base Pty Ltd (ABN 95 162 141 915) · Australian Credit Licence Number 508 308
Head Office: Level 1, 1-5 Link Road, Zetland, NSW, 2017. Phone: 1300 512 377.

Related Stores

Commonwealth Bank
Commonwealth Bank
Loan Base
Loan Base

closed Comments

  • +5

    Hwow 4-year fixed is crazy, does it mean they predict our economy would be gloomy for that long :(

    • +2

      appears to be…for a bank to want to lock loans at 1.99% for 4 years could mean - % will go down further.

      • interest rates will probs go into the neg. They wouldn't be offering 4 years fixed if they didn't think rates would drop further.

    • +2

      Hi countmein, yeah unfortunately it looks like we're in for a long-drawn out economic recovery.

      The RBA board confirmed yesterday that they are not expecting to increase the cash rate for at least three years, so we're likely in for an extended period of low interest rates.

    • Maybe RBA and CBA think Trump will win the US election….lets lock everyone up for 4 years

  • Have CBA also cut their fixed investment loan rates?

    • +1

      Hi reddead2067, unfortunately CBA hasn't announced any changes to their investment or interest only fixed rates at all; looks like this might just be a reduction to their owner-occupied and commercial/business rates.

  • +2

    That 4 year rate looks bloody attractive.

    • 6 months back we all found 2.19 to be a bloody attractive rate.

      • Yeah, I wouldn't jump to this in a hurry.

      • 2.19 is still a good rate, not many 'big four' banks offer anything near that as a variable for lvr 80%

  • how about investment?

    • No changes to CBA's investment rates announced, unfortunately - however before yesterday's rate cut, we were generally able to obtain 2.49% pa P&I fixed and 2.69% pa IO fixed for good quality loans via pricing requests with CBA. With yesterday's rate cut factored in, we may now be able to obtain lower discretionary pricing in the coming days and weeks.

      Alternatively, we have a 2.39% P&I and 2.59% IO fixed rate available with $4k cashback through Citibank - please let us know if you have any questions or would like to talk to one of our brokers.

  • Any word on their variable rate?

    • I believe that CBA decided not to change their standard variable rate in response to the rba rate cut yesterday - and just reduce their fixed and business lending rates instead.

  • how about variable? no interest rate cut?

    • Correct; no standard variable rate cut unfortunately.

  • +1

    Far out. 1.99% fixed with nations biggest lender… That's a deal

    • That means there'll be better fish out there.

  • Is there information on how much extra you can pay onto your loan per year? The usual amount is 10k.

    • Hi CustardShot, that's correct, please see below for confirmation from the CBA website:

      You can make up to $10,000 in additional repayments per fixed-term year, except for Interest in Advance loans. Your fixed-term year starts from the date that your Fixed Rate period began, and renews on the same date each year, until your fixed term ends. If you don’t make $10,000 in additional repayments, the remaining amount does not roll over to the next year.

      What we usually suggest for clients wishing to pay more than $10k pa in additional repayments is to split their loan, so that the bulk of the lending is fixed at the lower rate, and a smaller portion is variable with 100% offset. This way you can direct all surplus funds into your 100% offset account or variable rate loan without penalty and essentially get the best of both worlds.

      Please let us know if you'd like to discuss this any further.

  • I currently fixed with cba for 2.98%. Can you guys help me get the 1.99% fixed rate?

    • Hi chaino,

      We'd be happy to help you switch to the 1.99% fixed rate, but CBA would unfortunately likely charge you an early repayment fee for breaking your existing fixed term early - best to contact them to confirm how much this would cost you. We can then work out whether it's worth your while breaking early and switching now, or just waiting until your fixed term expires naturally before looking at alternative options.

  • Deal for both new loan and refinance, or just refinancing? Am after a new home loan. Thanks

    • Hi chylee, the CBA rates and $1k Loan Base cash back offer are available for both refinances and purchases, but the $2k CBA cashback is only available for refinances.

  • If rate is fixed within lat 30 days, can we re-fix the rates without any penalty.

    • Hi sonu1111, best to contact CBA directly to confirm this ASAP; I believe in some circumstances they may have a cooling off period that would apply, but am honestly not sure, sorry.

  • Is this a good deal compared to other deals out there?

    I'm with CBA banking, so it would be a lot easier for approval to stay with CBA for a home loan.

    They also have a really appealing credit card, which I was going to push to get the fees waived and I know a broker that works for the bank directly.

    Just wonder how much lower rates will go in the next month or two.

    • Hard to say, Adelv - since the RBA only cut the cash rate yesterday and most lenders are yet to respond to this, I'd say it's probably worth waiting a little while longer for the dust to settle and check what the best option from there is. For now, however, 1.99% pa fixed is quite a competitive rate - particularly from one of the big 4 banks.

    • Appealing credit card…CBA??? You sure?

      Westpac Black is one of the recent ones that is by miles better! I'm on a CBA package..can get a free card..but they are rubbish.

      As for rates, RBA are 0.1.. I guess only 0 or negative from here. Some of the 0.15 drop will filter through, but the RBA impact is only a fraction of the big picture.

      • I found one that has no international transaction fees, one of the rewards cards but it had a monthly fee.

        • Citibank, HSBC, Bankwest all have cards with no international fees and no ongoing fees. Debit cards though I guess. HSBC credit card is free of you spend a minimum amount.

  • Sooo, the 1.99%/4 years is only if you've got the wealth package, right? So an extra fee of $395/year. Without wealth package I'm assuming it'd be 2.14%

    • Hi skooter, yes the advertised rates are only on the $395 pa package - I believe all of the majors reserve their most competitive fixed rates for their package products only.

      • Is the non-wealth package rate going from 2.99 to 2.14%?

        For us the difference between 2.14 and 1.99 is ~$14/month, so wealth package is obviously not worth it unless we had one of their $250+ credit cards

    • Thats 0.036% if you are in Sydney :)

    If you're currently with CBA, we can easily switch you over to one of these deals without needing to go through the hoops at CBA (unfortunately we cannot provide a cashback in this instance)

    I have an existing fixed + variable loan with CBA. Can I switch my fixed 2.19 component (2 years) to 1.99% for 4 years?

    • +1

      Hi NeverMissABargain,

      This is possible but may result in you needing to pay an early repayment fee to CBA for breaking your existing fixed rate loan, so would be worth checking with them what your break fee would be first.

  • Wait for better deals they will come

  • Wow, can't wait to see what the other banks offer!!!

  • are there any cashback benefits for existing cba customers currently on a home loan product and wanting to switch to this?

    edit: nvm just saw description details

  • Any restrictions with a lower LVR?

    • Hi Wally, sub-60% gets you the best rate. 0.05% higher for 60-80% LVR. 0.1% higher for 80%+ LVR.

  • Last week I was offered 2 years at 2.19, so it looks like they have passed on 0.05 of the 0.1 rate cut…. and bugger all nothing drop on variable rates… good ole 'Big 4'.

  • What is the variable rate with offset?

    • Hi bashar20, subject to discretionary pricing approval, but likely somewhere around 2.59%.

  • Those comparison rates are shocking!

    • I've learnt not to look to much at the comparison rate generally. It's taking into consideration if you had the loan over 25 years.
      Just do your homework and due diligence.

      • Yeha agreed - it's also based on a $150k loan amount and assumes that you don't re-fix or negotiate your rate after the fixed term ends (just revert to whatever variable rate the lender automatically places you on after your fixed rate expires). Really not a useful tool for comparing loans, in my opinion.

  • That account fee alone is worth about 0.1% on a 400k loan.

  • +2

    Westpac are doing 1.99% for fixed up to 3 years and 1.89% for 4 years fixed.

    • Is that advertised? Can't seem to find it.

      • +1

        @Entheogenic - When I called them today, they said it comes out Monday November 9th.

        Sorry, I couldn't edit my comment after I posted.

        • All good. Thanks for the heads up!

  • Can you have 1.99% fixed with offset account?

    • Hi Hearthstone, unfortunately not. We can do a partial offset through BOM or St George (offsets 0.7%), or Adelaide Bank does 100% offset on fixed but we are waiting on their rate cut announcement.

  • Just looking at the offer on CBA's website including the other info, there is no offset account with this deal or any other P&I loan options… does this mean CBA is scrapping the offset account on new loans?

    • Dont think fixed home loan ever had full offset option.

    • Hi Mikay89, the only lender which offers 100% offset on fixed rates is Adelaide Bank. We have access to some sharp discretions with this lender, but unfortunately there are no cashbacks available through them. Feel free to PM me if you'd like to get some more info.