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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:

 

 

Old Rate % pa

New Rate % pa

Change

 

 

 

 

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%

 


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.