Commonwealth Bank announces special 6.25% pa home loan interest rate in NSW, ACT and Tasmania

11 August 2000

The Commonwealth Bank today announced a special interest rate of 6.25%pa and has halved the standard establishment fee for new home loan and investment home loans in NSW, the ACT and Tasmania.

The special interest rate of 6.25%pa reflects a discount of 1.82%pa off the Bank's Standard Variable Rate (currently 8.07%pa), with the 1.82%pa discount guaranteed to remain in place for the first six months of the loan. After the initial six month period, the loan reverts to the Bank's Standard Variable Rate.

The Bank has also halved - to $300 - the standard loan establishment fee for this special discount loan.

The 6.25%pa special offer is available from 13 August 2000 for a limited period.

General Manager, Cards and Personal Financing, Nick Kennett said: "The Bank's move reflects our determination to remain Australia's leading home loan provider.

"It's more good news, particularly for customers looking to refinance to a lower rate and for first home buyers, who can lodge their FHOGS (First Home Owners Grant Scheme) application with the Commonwealth Bank. They'll enjoy a significant saving when establishing the loan and then benefit from the discounted interest rate.

"In addition to this offer, the Commonwealth Bank is continuing the special $0 application fee offer for the basic variable "Economiser" loan at an interest rate of 7.51%pa. Our fixed interest rate home loans are also very competitive, with the popular three year rate currently just 7.55%pa.

"As Australia's largest lender for homes, our customers expect the Bank to provide the most competitive and attractive home loan offerings. These special offers in the very competitive NSW, ACT and Tasmanian markets demonstrate the Bank's continuing commitment to helping our customers make it happen," Mr Kennett said.