The Commonwealth Bank Group will cut a range of home loan interest rates
4 April 2001
The Commonwealth Bank Group will cut a range of home loan interest rates.
The interest rates on owner occupied and investment home loans will decrease as follows:
|Old Rate %pa||New Rate % pa||Change|
|12 Month Discount Variable Rate||6.24||5.74||-0.50%|
|Complete Home Loan Variable Rate||7.32||6.82||-0.50%|
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.