Commonwealth Bank of Australia launches NewWorld Mortgage Range
14 November 2001
Commonwealth Bank of Australia - Australia's leading financial services provider - is to begin sales of its UK flexible mortgage range on Monday 13 November 2000, earlier than scheduled following the early completion of systems testing.
The mortgages will be sold through a new brand - "NewWorld" - using the telephone, internet and intermediaries. The brand will be promoted through a multi-million pound marketing campaign.
NewWorld will offer a range of flexible mortgages for both owner-occupiers and buy-to-let customers, including discounted, fixed and capped options. The range will have standard UK flexible features- such as overpayments, daily interest calculation and payment holidays and redraw facilities - as well as innovative Australian benefits such as loan portability, product switching and fortnightly or weekly payment options.
At launch, NewWorld's standard variable rate loan (SVR) of 6.99 per cent per annum (% p.a.) for owner-occupiers will be discounted by 1.24% p.a. giving customers an interest rate for six-months of 5.75 % p.a. And, in a move that is unusual in the UK but common in Australia, NewWorld will launch with a standard variable rate for buy-to-let customers at the same attractive level as for owner-occupiers (6.99% p.a.).
For a limited period, owner-occupiers taking out a NewWorld mortgage will also benefit from one year's free mortgage payment protection insurance.
Adrian Cosenza, Head of European Banking for Commonwealth Bank said:
"We are delighted to have completed all our checks and testing ahead of schedule and have decided to begin sales from Monday 13 November rather than wait until our original planned date towards the end of the month. Now that we are ready, it is hard to keep a good thing under wraps."
The customer service number for NewWorld mortgage applications and information is 0845 845 4455. The NewWorld website - which can be used for applications and includes full details of NewWorld can be found at www.mynewworld.com.
For further press information and full product details, please contact:
Commonwealth Bank's press office - 020 7208 2750 or email: NewWorldpressoffice@consol.co.uk