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Commonwealth Bank cuts interest rates by 0.50%

4 April 2001

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

 

Old Rate % p.a.

New Rate % p.a.

Change

12 Month Discount Variable Rate

6.24

5.74 

-0.50

Complete Home Loan Variable Rate 

7.32

6.82 

-0.50 

Economiser 

6.81 

6.31 

-0.50 

 

 

 

The new interest rates will be available for new customers immediately and for existing customers effective from 13 April 2001.

The 0.50% interest rate reduction means required repayments at the new standard variable rate of 6.82% pa on a principal and interest loan of $100,000 over 25 years fall by $32 per month. For a $150,000 loan, the saving rises to $47 per month.

Interest Rates on business loans and credit cards remain under review.

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