Commonwealth Bank cuts Home Loan and Credit Card interest rates by 0.25%
5 December 2001
The Commonwealth Bank Group will cut a range of home loan and credit card interest rates.
Home Lending
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 | 5.24 | 4.99 | -0.25% |
| Complete Home Loan Variable Rate | 6.32 | 6.07 | -0.25% |
| Economiser (Base Variable Rate) | 5.81 | 5.56 | -0.25% |
| Viridian Line of Credit (Residential Equity Rate) |
6.32 | 6.07 | -0.25% |
The new home loan interest rates will be available for new customers
immediately and for existing customers effective from 15 December 2001.
The 0.25% interest rate reduction means required repayments at the new standard variable rate of 6.07% 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.
Credit Cards
Credit card interest rates will be cut by 0.25% pa for the Bank’s up
to 55 day interest free and no interest free period Standard and Gold
MasterCard, Visa and Bankcards, effective from 4 January 2002.
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