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Commonwealth Bank lifts interest rates

4 August 2000

The Commonwealth Bank will increase a range of deposit interest rates and home and business lending interest rates, following recent increases in market rates.

Home Loans
The variable interest rate on the Bank's Complete Home Loan and Investment Home Loan will increase by 0.25%pa to 8.07%pa, whilst the Economiser Home Loan will also increase by 0.25%pa to 7.51%pa.

The interest rates on owner occupied and investment home loans will increase as follows:

"The Economiser" Variable Rate Home Loan
New Rate % pa: 7.51
Old Rate % pa: 7.26

Complete Home Loan (Variable Rate)
New Rate % pa: 8.07
Old Rate % pa: 7.82

The increases for new and existing customers will be effective from 11 August 2000.
Mr Nick Kennett, General Manager Cards and Financing Products, said "The Bank's highly competitive range of fixed interest rate home loans, which are currently below the standard variable rate, remain unchanged at 1 year 7.35%pa, 2 year 7.65%pa, 3 year 7.55%pa, 4 year 7.80%pa and 5 year 7.80%pa".

Business Loans
The increase in key business loan interest rates, effective from 11 August 2000, is as follows:

Loan Reference Rate for Corporate Borrowers
New Rate % pa: 8.95
Old Rate % pa: 8.70

Overdraft Reference Rate for Corporate Borrowers
New Rate % pa: 9.45
Old Rate % pa: 9.20

Loan Index Rate for Commercial Borrowers
New Rate % pa: 9.50
Old Rate % pa: 9.25

Overdraft Index Rate for Commercial Borrowers
New Rate % pa: 10.05
Old Rate % pa: 9.80

Residentially-secured overdraft rate (variable)
New Rate % pa: 8.97
Old Rate % pa: 8.72

Residentially-secured BetterBusiness Loan (rate variable)
New Rate % pa: 8.07
Old Rate % pa: 7.82

Capital Equity (Residential Equity Rate)
New Rate % pa: 8.07
Old Rate % pa: 7.82

Better Business Loan Base Rate Variable
New Rate % pa: 8.70
Old Rate % pa: 8.45

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