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Commonwealth Bank cuts fixed home loan interest rates

5 January 2001

The Commonwealth Bank Group has reduced home and investment home loan fixed interest rates by up to 0.30% pa, effective from Monday 8 January 2001 for new loans. The Group's highly competitive fixed interest rate home and investment home loans continue to be market leaders with 6.95% pa for one and three year fixed rate loans.

This latest cut brings the total home and investment home loan fixed interest rate reductions announced by the Bank since early December 2000 to up to 0.75% per annum.

General Manager Cards and Financing Products, Nick Kennett said: "Wholesale market rates have decreased again over the last few days, so we are delighted to pass these benefits on to our customers. The Commonwealth Bank is the number one Home Loan bank and we are committed to ensure that our fixed rate home loan and investment home loan customers see real savings.

"These new fixed rates are the lowest levels in well over a year and give our customers a great opportunity to lock in at rates which are up to 1.12% lower than our competitive standard variable rate", Mr Kennett said.

The new fixed interest rates, effective 8 January 2001, are as follows:

 

 

Reduction on previous fixed interest rate

1 yr fixed

6.95%

-0.10%

2 yr fixed

7.00%

-0.25%

3 yr fixed

6.95%

-0.30%

4 yr fixed

7.25%

-0.25%

5 yr fixed

7.30%

-0.20%


The Bank's variable home loan interest rates remain unchanged, with the 12 month discount interest rate at 6.99% pa, the Economiser basic variable interest rate at 7.51% pa, and the standard variable interest rate at 8.07% pa.

For details about or to apply for a Commonwealth Bank Home Loan or Investment Home Loan call 13 2224 (8am - 10pm, 365 days a year), visit a branch or log on to the Bank's internet site at http://www.commbank.com.au

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