CBA pulls out big guns in bank wars
(18 February – Australia) The Commonwealth Bank has come out firing in the home loan pricing war, offering NAB customers up to A$1400 in cash to switch their mortgage, credit card and transactions accounts.
The Commonwealth Bank, Australia's largest bank, retaliated in the increasingly tense competition between the top four banks by offering to pay NAB customers A$1200 in a direct cash if they switch their mortgage to CBA, as well as A$100 for each credit card and transaction account.
The offer is open to all NAB and HomeSide customers. The deal will run from Monday until April 30.
It will also increase the discounts given on standard variable rates, offering an 80 basis point reduction on loans above A$750,000.
The battle between the banks is becoming increasingly strategic, after NAB launched a campaign this week to lure Westpac and CBA customers to their bank.
Westpac responded to NAB's attack by cutting a A$395 home loan fee and increasing rate discounts, as well as decideding to waive the first-year Premier Advantage Package annual fee for new mortgages of more than A$250,000.
The offer is open to all NAB and HomeSide customers. The deal will run from Monday until April 30.
It will also increase the discounts given on standard variable rates, offering an 80 basis point reduction on loans above A$750,000.
The battle between the banks is becoming increasingly strategic, after NAB launched a campaign this week to lure Westpac and CBA customers to their bank.
Westpac responded to NAB's attack by cutting a A$395 home loan fee and increasing rate discounts, as well as decideding to waive the first-year Premier Advantage Package annual fee for new mortgages of more than A$250,000.