Commonwealth Bank cuts interest rates by 0.50%
4 April 2001
The interest rates on owner occupied and investment home loans will decrease
as follows:
|
|
Old Rate % p.a. |
New Rate % p.a. |
Change |
|
12 Month Discount Variable Rate |
6.24 |
5.74 |
-0.50 |
|
Complete Home Loan Variable Rate |
7.32 |
6.82 |
-0.50 |
|
Economiser |
6.81 |
6.31 |
-0.50 |
The new interest rates will be available for new customers immediately and
for existing customers effective from 13 April 2001.
The 0.50% interest rate reduction means required repayments at the new
standard variable rate of 6.82% pa on a principal and interest loan of $100,000
over 25 years fall by $32 per month. For a $150,000 loan, the saving rises to
$47 per month.
Interest Rates on business loans and credit cards remain under review.
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