Commonwealth Bank lifts interest rates by 0.25%
8 May 2002
The Commonwealth Bank will increase a range of home loan interest rates, reflecting recent increases in market rates.
Home Lending
The interest rates on owner occupied and investment home loans will increase as follows:
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Old Rate % pa |
New Rate % pa |
Change |
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| Complete Home Loan Variable Rate |
6.07 |
6.32 |
+0.25% |
| Economiser (Base Variable Rate) |
5.56 |
5.81 |
+0.25% |
| Viridian Line of Credit (Residential Equity Rate) |
6.07 |
6.32 |
+0.25% |
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The new home loan interest rates will be effective for new customers from 9 May 2002 and for existing customers from 17 May 2002. The new Residential Equity Rate will be effective from 17 May 2002 for new and existing customers.
The 0.25% interest rate increase means required repayments at the new standard variable rate of 6.32% pa on a principal and interest loan of $100,000 over 25 years increase by $16 per month. For a $150,000 loan, the increase is $24 per month.
