CBA, Westpac cut mortgage interest rates

Commonwealth Bank of Australia and Westpac have joined the growing number of lenders cutting home loan interest rates.
CBA was the first of the big four banks to move, announcing a cut to interest rates on its fixed rate home loans by up to 60 basis points from August 12.
The fixed rates for its one to five year products will now range from 6.59 per cent to 6.99 per cent, a cut of between 0.25 per cent and 0.6 per cent.
Westpac also announced it had reduced the rate on its three-year fixed rate Premier Advantage home loan by 20 basis points.
The three-year fixed rate for will fall from 6.99 per cent to 6.79 per cent.
The moves come after Westpac subsidiary St George cut its two and three year fixed home loan rates, by 0.1 and 0.3 per cent respectively, late last month.
On the same day earlier this month that the Reserve Bank of Australia decided to leave the cash rate unchanged, ME Bank reduced the standard variable interest rate on its home loans from 7.09 per cent to 6.99 per cent.