Commonwealth Bank cuts key home loan interest rate by 0.50% pa
26 July 2002
The Commonwealth Bank has reduced the interest rate on its popular One Year Guaranteed Rate home loan by 0.50% pa to just 5.29% pa, the lowest offered by a major lender. The lower fixed and guaranteed interest rate is available from Monday 29th July for new home and investment home loans.
The Commonwealth Bank’s move comes just two weeks after it reduced its home and investment home loan fixed interest rates by up to 0.2% pa. The One Year Guaranteed Rate was also reduced then by 0.2%.
General Manager Mortgage Wealth, Lyndell Fraser said: "This provides clear, immediate benefits to Commonwealth Bank home loan customers – a 5.29% pa introductory rate that’s guaranteed for the first year and is 0.7%pa lower than in mid July. This offers customers maximum flexibility when choosing an introductory product, as the alternative 12 Month Discounted Variable Rate is also available at 5.29%pa.
"Home buyers have an opportunity to lock in a very competitive fixed or variable introductory rate and they can add security in today’s uncertain economic environment by taking one of our recently reduced mid-to-long term fixed interest rates as part of a ‘split’ rate home or investment home loan", Ms Fraser 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/