Commonwealth Bank cuts fixed Home Loan interest rates, again

1 March 2001

The Commonwealth Bank has again reduced home and investment home loan fixed interest rates, by up to 0.26% pa, effective immediately for new loans. The Bank's popular three-year fixed interest rate has been cut by 0.26% to a very competitive 6.69% pa.

All the Bank's fixed home loan rates are now at or below 6.95% pa.

General Manager Cards and Financing Products, Nick Kennett said the Bank had now reduced its fixed home loan interest rates four times within the last three months.

"As the nation's major home loan lender, the Commonwealth Bank has taken the opportunity provided by lower wholesale market rates to set these new, highly competitive fixed rates and ensure that real savings are available to our home loan and investment home loan customers.

"The Bank's 6.69% pa three year fixed interest rate is now the lowest in two years and the five year term rate is at its lowest since June 1999," Mr Kennett said.

The new fixed home loan interest rates are:

Reduction on previous fixed rate
1 yr fixed 6.85% pa - 0.10% pa
2 yr fixed 6.85% pa - 0.10% pa
3 yr fixed 6.69% pa - 0.26% pa
4 yr fixed 6.95% pa - 0.05% pa
5 yr fixed 6.95% pa - 0.05% pa

The Bank's other home loan interest rates remain unchanged, with the one year guaranteed interest rate at 5.95% pa, the Economiser basic variable interest rate at 7.01% pa, and the standard variable interest rate at 7.57% pa.