The Commonwealth Bank Group will cut a range of home loan interest rates
4 April 2001
The Commonwealth Bank Group will cut a range of home loan interest rates.
The interest rates on owner occupied and investment home loans will decrease as follows:
| Old Rate %pa | New Rate % pa | 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% |
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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