Commonwealth Bank reduces fixed home loan interest rates

The Commonwealth Bank has reduced home and investment home loan fixed interest rates by up to 0.22% pa, effective immediately for new loans. The Bank's popular three year fixed home loan rate has been cut to a low 7.55% pa.

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

The new and previous fixed interest rates are as follows:

NEW rates - effective 25 July 2000 Previous rates

1 yr fixed 7.35% pa 7.42% pa
2 yr fixed 7.65% pa 7.72% pa
3 yr fixed 7.55% pa 7.72% pa
4 yr fixed 7.80% pa 8.02% pa
5 yr fixed 7.80% pa 8.02% pa

"These lower 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 6.76% pa, the Economiser basic variable interest rate at 7.26% pa, and the standard variable interest rate at 7.82% 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