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Commonwealth Bank cuts Introductory and Fixed Home Loan Rates to new lows

11 April 2001

The Commonwealth Bank has again reduced its popular one year guaranteed home loan rate, this time to 5.19% pa, and has extended its $0 establishment fee offer.  As well, the Group has cut its range of fixed home loan rates, slicing the three year fixed home loan rate to a market-leading 6.29% pa. 

The special one year guaranteed interest rate of 5.19% pa is 1.63% pa below the Bank’s Standard Variable Rate (currently 6.82% pa).  The Commonwealth Bank’s other fixed rate home and investment home loan interest rates have fallen by up to 0.21% and are now all at or below 6.49% pa. 

The lower interest rates are effective for new loans from 11 April 2001. 

General Manager Cards and Financing Products, Nick Kennett said the Group had now reduced its fixed home loan rates six times within the last five months. 

“Coinciding with the busy Easter season, our fixed rates are now the lowest in over a decade”, he said.  “The one year guaranteed rate at 5.19% pa, with its establishment fee saving of up to $600, and the longer-term fixed rates, now as low as 6.29% pa, provide home buyers with both immediate and ongoing savings.

“These reductions reflect the Commonwealth Bank Group’s commitment to providing competitively priced home loans with truly flexible features, access and service, which continue for the life of the loan”, Mr Kennett said.

The changed home loan and investment home loan interest rates are:

 

 New Rate

Reduction in previous fixed rate 

1 yr guaranteed rate

5.19% p.a.

0.40% p.a.

1 yr fixed

6.35% p.a.

0.05% p.a.

2 yr fixed

6.35% p.a.

0.05% p.a.

3 yr fixed 

6.49% p.a. 

0.11% p.a. 

5 yr fixed 

6.49% p.a. 

0.11% p.a. 

 

 

 

 


The Bank’s other home loan interest rates remain unchanged, with the 12 month discount variable rate at 5.74% pa, the Economiser basic variable interest rate at 6.31% pa, and the standard variable interest rate at 6.82% 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/.  Mobile bankers are also available anytime, anywhere to help customers choose the best loan for them.

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