Australia's CBA cuts lending rates for mortgages, small business

August 2, 2016 4:56 AM

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SYDNEY Aug 2 Commonwealth Bank of Australia (CBA), the country's top mortgage lender, said on Tuesday it has lowered interest rates for home owners and small businesses following a 25 basis point rate cut by the country's central bank.

CBA cut its variable mortgage rate by 13 basis points to a record low of 5.22 percent for owner-occupied homes and 5.49 percent for investors of housing properties. It reduced rates for small business by a similar quantum.

Also read: Economy: Jobless claims drop to lowest since 1973; housing starts jump 11%

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