More fixed home loan interest rate cuts from Commonwealth Bank
26 January 2001
The Commonwealth Bank has again reduced home and investment home loan fixed interest rates, by up to 0.30% pa, effective from Monday 29 January for new loans. All the Bank's fixed home loan rates are now at or below 7.00% pa, while its one, two and four year standard fixed home loan interest rates are the lowest offered by a major lender.
General Manager Cards and Financing Products, Nick Kennett said the Bank had now reduced interest rates by up to 1.05% pa on its fixed rate home loans since early December 2000.
"As the number one home loan lender, the Commonwealth Bank has taken the earliest opportunity to set new, market-leading fixed rates and ensure that real savings are available to our home loan and investment home loan customers.
"The Bank's fixed interest rates are now the lowest in more than a year and, with the 0.3% reduction to 7.00% pa, the five year term rate is at its lowest since June 1999 and is 1.07% below the current standard variable rate," Mr Kennett said.
The new fixed interest rates, effective 29 January 2000, are as follows:
Reduction on previous fixed rate
1 yr fixed 6.95% pa - 0.00%pa
2 yr fixed 6.95% pa - 0.05%pa
3 yr fixed 6.95% pa - 0.00%pa
4 yr fixed 7.00% pa - 0.25%pa
5 yr fixed 7.00% pa - 0.30%pa
The Bank's variable home loan interest rates remain unchanged, with the 12 month discount interest rate at 6.99% pa, the Economiser basic variable interest rate at 7.51% pa, and the standard variable interest rate at 8.07% 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/