Commonwealth Bank cuts Home Loan and Credit Card interest rates by 0.25%

5 December 2001

The Commonwealth Bank Group will cut a range of home loan and credit card interest rates.

Home Lending
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  5.24 4.99 -0.25%
Complete Home Loan Variable Rate  6.32 6.07 -0.25%
Economiser (Base Variable Rate) 5.81 5.56 -0.25%
Viridian Line of Credit
(Residential Equity Rate)
6.32 6.07 -0.25%

The new home loan interest rates will be available for new customers immediately and for existing customers effective from 15 December 2001.

The 0.25% interest rate reduction means required repayments at the new standard variable rate of 6.07% pa on a principal and interest loan of $100,000 over 25 years fall by $16 per month. For a $150,000 loan, the saving is $24 per month.

Credit Cards
Credit card interest rates will be cut by 0.25% pa for the Bank’s up to 55 day interest free and no interest free period Standard and Gold MasterCard, Visa and Bankcards, effective from 4 January 2002.