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Commonwealth BoA to launch in Britain

Australia&#39s largest financial services firm, Commonwealth Bank of Australia, is to launch in Britain at the end of November.

Under the brand name NewWorld it will sell flexible mortgage products over the telephone, through the internet and eventually through mortgage brokers.

Commonwealth Bank is setting its standard variable rate at 6.99 per cent with borrowers able to make repayments weekly or fortnightly and interest calculated daily rather than yearly.

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