CBA cuts loan rates, lifts savings

Australia's largest bank says it will reduce standard variable mortgages for owner occupiers by 13 basis points

The CBA says it will reduce standard variable mortgages for owner occupiers by 13 basis points. (AAP)

Commonwealth Bank is passing on about half the Reserve Bank's interest rate cut for mortgages but is softening the blow by hiking interest rates for some savers.

- less than the RBA's 0.25 per cent cut - while raising its one-year deposit rate by 0.55 per cent and its two- and three-year deposit rates by 0.50 per cent.

"We've carefully considered the current environment and the needs of both borrowers and savers," CBA group executive retail banking services Matt Comyn said.