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.
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)
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 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.