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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%
 Economiser  6.81  6.31  -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.

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