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Commonwealth Bank cuts home lending interest rates

7 February 2001

The Commonwealth Bank will cut a range of home lending variable interest rates following recent decreases in market interest rates.

The variable interest rate on the Bank's Complete Home Loan and Investment Home Loan will decrease by 0.50%pa to 7.57%pa and the Economiser Home Loan will also decrease by 0.50%pa to 7.01%pa.

The interest rates on owner occupied and investment home loans will decrease as follows:

 

New Rate %pa

Old Rate %pa

 

 

 

"The Economiser" Variable Rate Home Loan

7.01

7.51

Complete Home Loan (Variable Rate)

7.57

8.07

Investment Home Loan (Variable Rate)

7.57

8.07


The new interest rates will be available for new customers immediately and for existing customers will be effective from 16 February 2001.

Mr Nick Kennett, General Manager Cards and Financing Products, said, "The Bank's attractive interest rates on its Complete and Economiser variable home loans are complemented by its highly competitive one year guaranteed interest rate of 5.95% (1.62% below the new standard variable rate) and its range of fixed interest rate home loans which remain below the standard variable interest rate".

Interest rates for credit cards and business loans remain under review.