CBA limits cuts in business loans
Commonwealth Bank has limited cuts in base interest rates on key business loan products to five basis points, compared with cuts of 25 bps for home loan customers announced last week.The daily survey of product changes circulated by Canstar shows CBA applied the cut of five basis points to a range of business and agricultural loans.Other major banks announced a cut of 25 bps on loans to small business customers last week. These are typically secured over residential property. Other lenders to announce cuts of 25 basis points in their main home loan rate include Suncorp and Credit Union Australia.Cuts to deposit rates recorded by Canstar last week include reductions of up to 50 basis points by bankmecu, and cuts of 25 basis points on some high yielding deposits from Bankwest, Citi, Macquarie, Maritime, Mining and Power Credit Union and Suncorp.