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Commonwealth Bank’s autumn ‘50:50’ home loan specials

30 March 2003

The Commonwealth Bank has introduced a ‘50:50’ Home Loan with half the loan at a low 4.99%pa and half at the customer’s choice of 3, 4 or 5 year fixed rates as low as 6.09%.  It’s the “something for now something for later” loan to cater for changing conditions in the important autumn buying season.

Catering for home buyers, investors, renovators and equity building needs, the Commonwealth Bank’s autumn ‘50:50’ loan offers include:

  • a one-year guaranteed rate of 4.99% pa, matched with fixed rate terms, from 6.09% pa for the most popular three year fixed rate loan, 
  • allowing extra loan repayments, 
  • access to MISA interest offset benefits and 
  • repayment redraw facilities.

General Manager Mortgage Wealth, Lyndell Fraser said: “In the traditionally busy autumn housing market, the Commonwealth Bank is giving borrowers the opportunity to maximise the benefits of splitting their loan to take advantage of very low fixed rates with some now and some set for the future.  Our research shows this has considerable appeal given the uncertain environment.  As well, by using interest offset, extra loan payment and Viridian line of credit facilities, customers can build their home equity faster – a key goal for Australian home buyers.”

Ms Fraser said the Bank’s autumn offer also includes a nil establishment fee for Viridian, while the standard monthly home loan service fee will be waived for the life of the loan if a borrower takes a Viridian line of credit at the same time.

“Many people want to build equity or to use the equity they already have in their home.  Demand for lifestyle and investment purposes remains strong, especially through more flexible products such as the Viridian lines of credit or via repayment redraw facilities.  Clients want – and we provide - ready access to funds at attractive mortgage rates so they can take advantage of wealth and lifestyle opportunities and support long term financial plans”, Ms Fraser said.

Some terms and conditions apply to the Bank’s autumn ‘50:50’ split rate special offers.  Customers will be eligible for the special 4.99% pa one year guaranteed rate if they place half of the loan amount in a three (6.09%pa), four (6.29% pa) or five year fixed rate (6.39%pa) term.  The autumn special offers are available for a limited time from Monday 31st March 2003 for new loans.  Both new and existing customers can apply.

For details or to apply, call 13 2224 (8am - 10pm, 365 days a year), visit a branch or log on to the Bank’s internet site at http://www.commbank.com.au/