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Commonwealth Bank cuts fixed home loan interest rates to new lows

19 February 2003

Fixed home loan rates offered by the Commonwealth Bank have been cut again, by up to 0.2% pa, taking the Bank’s five year fixed interest rate to 6.39% pa, the lowest in well over a decade.

The Bank’s shorter-term two and three year fixed rates both fall to 6.09%pa while the four year rate drops to 6.29% pa. These lower rates are effective from Wednesday 19th February for new Commonwealth Bank home and investment home loans.

All the Commonwealth Bank’s fixed home loan rates are now below 6.4%pa, while the Bank’s standard variable rate remains at 6.57%pa.

Executive General Manager Retail Customer Services, Nick Kennett said: "As the nation’s major home financier, we’ve again taken advantage of continuing low wholesale market rates to pass on the savings to our home loan customers. It’s a great opportunity for customers to lock in at these attractive rates."

Mr Kennett added that the Commonwealth Bank’s fixed home loan rates have now fallen by up to 0.8% in the last seven months.

The Commonwealth Bank is also offering introductory rates from 5.25%pa and savings of up to $600 on the standard establishment fee for both introductory rates and 3 year fixed rate loans over $80,000.

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 6.09% pa Down 0.10%
3 yr fixed 6.09% pa  Down 0.20%
4 yr fixed 6.29% pa  Down 0.10%
5 yr fixed 6.39% pa  Down 0.10%

                    
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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