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Commonwealth Bank Fixed Home Loan Interest Rates Cut Again

13 September 2002

The Commonwealth Bank has again reduced most of its home and investment home loan fixed interest rates, by up to 0.3% pa, effective from Monday 16 September for new loans. The Bank’s two year fixed rate falls to 6.29% pa, while the five year fixed rate drops to just 6.69% pa, making both rates the lowest offered by the major banks.

The Commonwealth Bank is also offering introductory rates from 5.29%pa and savings of up to $600 on the standard establishment fee for both introductory rates and the popular 3-year fixed rate loan, which has been reduced to 6.39%pa.

The Bank’s one, two and three year fixed home loan interest rates are now all below the standard variable rate, which is unchanged at 6.57%pa.

The Bank’s new fixed home loan interest rates are:

 Term  Now  Change on previous fixed rate
 1 yr fixed  5.99% pa  Unchanged
 2 yr fixed  6.29% pa  Down 0.10%
 3 yr fixed  6.39% pa  Down 0.10%
 4 yr fixed  6.59% pa  Down 0.20%
 5 yr fixed  6.69% pa  Down 0.30%

Executive General Manager Retail Customer Services, Nick Kennett said the Commonwealth Bank had taken the opportunity to offer these highly competitive fixed rates due to decreases in wholesale markets rates.

"Our fixed rates have fallen by up to 0.6% in the last four months. They are now at near-historic lows. Commonwealth Bank customers have a great opportunity to lock in at very attractive rates, including the option to split their loan between low introductory and longer term fixed rates and enjoy both security and flexibility. Our current special Spring establishment fee discounts can save homebuyers a further $600", Mr Kennett said.

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 the Bank’s internet site at http://www.commbank.com.au/

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