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Commonwealth Bank offers special $0 establishment fee with 5.95% pa home loan

7 March 2001

As the Autumn home buying season begins, the Commonwealth Bank has announced a special nil establishment fee offer on its leading 5.95% pa one year introductory guaranteed rate home loan and investment home loan product.

The waived establishment fee saves new borrowers an immediate $600, while the special one-year guaranteed interest rate of 5.95% pa is a discount of 1.62% pa off the Bank's Standard Variable Rate (currently 7.57% pa).

The offer is available from 5 March 2001 for a limited period. The Bank's latest move comes a day after it sliced fixed interest rates by up to 0.26% pa, taking all the Bank's standard fixed home loan and investment loan rates to 6.95% pa or below. The Bank's variable home loan interest rates remain unchanged.

General Manager, Cards and Personal Financing, Nick Kennett said: "This extremely competitive offer reflects our determination to provide customers with truly flexible home loans which offer both immediate and longer term savings. And as Australia's leading home loan lender we offer a complete range of home loans, from honeymoon and basic 'no frills' loans to premium home loans and home equity facilities. Our Mobile Lenders are also available to visit customers at a time and place convenient to them and help them choose the right loan.

"As well as the immediate saving of $600, the Commonwealth Bank's special 5.95% pa offer provides customers with an with an additional first year saving of $102 a month in repayments on a $100,000 loan over 25 years compared to the current standard variable rate. All new borrowers, especially first home buyers and refinancers, should find this offer very attractive," Mr Kennett said.

"The Bank also helps complete all the necessary paperwork for refinancers and first home buyers, including processing the $7000 First Home Owners Grant Scheme (FHOGS) for first home buyers to make home ownership easier," he added.