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Commonwealth Bank cuts interest rates for small business

14 February 2001

The Commonwealth Bank today announced that it will decrease interest rates on business accounts following recent decreases in market rates.

The decreases in key business loan interest rates, effective from 2 March 2001 are as follows:

 

New Rate %pa

Old Rate %pa

 BetterBusiness Loan Variable BaseRate - 12 month Discounted  6.99  7.50

Loan Reference Rate for Corporate Borrowers

8.55

9.05

Overdraft Reference Rate for Corporate Borrowers

9.05

9.55

Loan Index Rate for Commercial Borrowers

9.10

9.60

Overdraft Index Rate for Commercial Borrowers

9.65

10.15

Better Business Loan Base Rate Variable

8.30

8.80


Effective 16 February 2001, business loan rates secured by residential security, will decrease as follows:

 

New Rate %pa

Old Rate %pa

Residential Equity Rate

7.67

8.07

 

Nick Kennett, General Manager Cards and Financing Products, said: "The Bank's attractive interest rates on its fixed and variable rate loans are complemented by its highly competitive BetterBusiness Loan Plus 12 months special discounted rate of 6.99%pa (1.31% pa below the new standard BetterBusiness Loan variable base rate), with a flat $300 establishment fee and Tax Management Account set off."

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