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Commonwealth Bank reduces home and business loan interest rates by 1.00%

2 December 2008

The Commonwealth Bank today announced that it will cut its standard variable home loan interest rate by 1.00% following the Reserve Bank of Australia’s cut to the official cash rate.

The new rates will be effective from 12 December 2008 for new and existing customers.

Owner occupied and investment home loan interest rates will decrease as follows:

 

Old Rate % pa

New Rate % pa

Change

Complete Home Loan Variable Rate

7.74%

6.74%

-1.00%

Complete Home Loan
Variable Rate (with Wealth Package for new loans of $250K or more)

7.04%

6.04%

-1.00%

Economiser
(Base Variable Rate)

7.23%

6.23%

-1.00%

The variable interest rates on business loans will also decrease by 1.00% pa. effective from 12 December 2008.

Ross McEwan, Group Executive Retail Banking Services at the Commonwealth Bank said: 
“We understand the pressures that the current economic climate and interest rates has had on our customers.

“I am pleased to announce that we are able to pass on the full interest rate cut on all variable home loan rates to our customers, as we are committed to remaining competitive in the home lending market,” Mr McEwan said.

Customers are encouraged to review their financial position and budgeting in light of the changes in interest rates to ensure that their arrangements remain appropriate for their circumstances.    Customers wishing to reduce their repayments to reflect the interest rate reduction or who are seeking some financial advice should contact their branch or our home loan hotline on 13 22 24. 

ENDS

Media contact:

 

Steve Batten

Commonwealth Bank

Telephone: (02) 9378 2504