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Commonwealth Bank cuts fixed home loan interest rates

7 December 2000

The Commonwealth Bank has reduced home and investment home loan fixed interest rates by up to 0.50% pa, effective from Monday 11 December for new loans. The Bank's popular two and three year fixed home loan interest rates have been cut to 7.25% pa, the lowest now offered by a major lender. All the Bank's fixed home loan rates are now at or below 7.50%pa.

General Manager Cards and Financing Products, Nick Kennett said: "Wholesale market rates have decreased, so the Commonwealth Bank has taken the earliest opportunity to set new, market-leading fixed rates and ensure that real savings are available to our home loan and investment home loan customers.

"These new rates undercut the standard variable rate by up to 1.02%pa and give our customers a great opportunity to lock in at lower interest rates," Mr Kennett said.

The new fixed interest rates, effective 11 December 2000, are as follows:

Reduction on previous fixed rate
1 yr fixed 7.05% pa - 0.40%pa
2 yr fixed 7.25% pa - 0.50%pa
3 yr fixed 7.25% pa - 0.35%pa
4 yr fixed 7.50% pa - 0.20%pa
5 yr fixed 7.50% pa - 0.30%pa

The Bank's variable home loan interest rates remain unchanged, with the 12 month discount interest rate at 6.99% pa, the Economiser basic variable interest rate at 7.51% pa, and the standard variable interest rate at 8.07% pa.