Commonwealth Bank reduces fixed home loan interest rates

The Commonwealth Bank has reduced home and investment home loan fixed interest rates by up to 0.20% pa, effective immediately for new loans. The Bank's popular three year fixed home loan rate has been cut from 7.75% pa to 7.60% pa and all the Bank's fixed home loan rates are now below 8% pa.

General Manager Cards and Financing Products, Nick Kennett said: "We've taken advantage of changes in wholesale market interest rates, and the Bank is pleased to pass these on to our new fixed rate home loan customers".

The new fixed interest rates, effective 21 November 2000, are as follows:
1 yr fixed 7.45% pa
2 yr fixed 7.75% pa
3 yr fixed 7.60% pa
4 yr fixed 7.70% pa
5 yr fixed 7.80% pa

"These new fixed interest rates ensure that the Commonwealth Bank remains at the leading edge in this extremely competitive market," Mr Kennett said.

The Bank's variable home loan interest rates remain unchanged, with the 12 month discount interest rate at 6.99% pa, the Economiser basic variable interest rate at 7.51% pa, and the standard variable interest rate at 8.07% pa.

For details about or to apply for a Commonwealth Bank Home Loan or Investment Home Loan call 13 2224 (8am - 10pm, 365 days a year), visit a branch or log on to the Bank's internet site at www.commbank.com.au