Commonwealth Bank of Australia signalled an end to the mortgage wars by retracting its $2000 cashback offer to borrowers, bowing to investor pressure to restore discipline around profitability amid an expected slowdown in new lending.
The bank said it was responding to customer, broker and lender feedback around improving the simplicity of loan terms, and will no longer offer cashback rewards to new mortgage applicants from June 1.
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Ayesha de Kretser is a senior reporter with The Australian Financial Review covering the aviation and tourism sectors. She has previously reported on banking, mining and commodity markets. Connect with Ayesha on Twitter. Email Ayesha at ayesha.dekretser@afr.com.au
