Commonwealth Bank Cuts Fixed Home Loan Rates

15 July 2002

The Commonwealth Bank has reduced some of its home and investment home loan fixed interest rates by up to 0.2% pa, effective from Monday 15 July for new loans. The Bank’s three year fixed rate falls to 6.79% pa, while the five year fixed rate drops to 7.19% pa, making both rates the lowest offered by the major banks.

The Commonwealth Bank has also reduced its very popular introductory One Year Guaranteed Rate by 0.2% to 5.79% pa.

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

Term Now Change on previous fixed rate

1 yr g’teed 5.79% pa    Down 0.20%

1 yr fixed 6.29% pa      No change

2 yr fixed 6.59% pa      No change

3 yr fixed 6.79% pa      Down 0.10%

4 yr fixed 7.09% pa      No change

5 yr fixed 7.19% pa      Down 0.10%

Executive General Manager Retail Customer Services, Nick Kennett said: "The Commonwealth Bank has taken the opportunity to offer these highly competitive fixed rates due to decreases in wholesale markets rates. These rates represent a great opportunity for customers to lock in their repayments at a time of economic uncertainty. And if taken as part of a ’split rate’ customers enjoy both security and flexibility".

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/

Media contact:
Steve Cookson
Corporate Communication
Tel: (02) 9378 2504
Email: Media_Inquiries@cba.com.au