Commonwealth Bank cuts interest rates

The Commonwealth Bank Group will cut a range of home and personal loan interest rates.

Home Lending
The interest rates on owner occupied and investment home loans will decrease as follows:

The new interest rates will be available for new customers immediately and for existing customers effective from 14 September 2001.

The 0.25% interest rate reduction means required repayments at the new standard variable rate of 6.57% pa on a principal and interest loan of $100,000 over 25 years fall by $16 per month. For a $150,000 loan, the saving is $24 per month.

Personal Loans
The interest rate for new Personal Loans will be reduced from 11.45% pa to 11.20% pa, effective from 14 September 2001.