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Commonwealth Bank cuts fixed home loan interest rates by up to 1.55% pa

15th October 2008

The Commonwealth Bank today announced that it was cutting its fixed home loan interest rates across the board. Commonwealth Bank fixed home loan products will drop by between 0.7% per annum and 1.55% per annum.

The new rates will be effective from Monday 20 October, 2008 for new customers.

Fixed Rates will decrease as follows:

Fixed Rate Product

Old Rate % pa

New Rate % pa

Change

1 Year Guaranteed

8.54%

7.09%

-1.45%

1 Year Fixed

8.69%

7.14%

-1.55%

2 Year Fixed

8.69%

7.14%

-1.55%

3 Year Fixed

8.54%

7.69%

-0.85%

4 Year Fixed

8.54%

7.69%

-0.85%

5 Year Fixed

8.54%

7.69%

-0.85%

7 Year Fixed

8.69%

7.99%

-0.70%

10 Year Fixed

8.69%

7.99%

-0.70%

15 Year Fixed

8.69%

7.99%

-0.70%


Group Executive Retail Banking Services, Ross McEwan said, "We value our customers and are delivering solid fixed rate reductions on home loans. Our new fixed rates provide our customers with stability and peace of mind with their mortgage repayments, which is good news.”

Customers are encouraged to review their financial position and budgeting to ensure that their arrangements remain appropriate for their circumstances. Customers wishing to select a fixed rate home loan option 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
The Commonwealth Bank
Telephone: (02) 9378 2504

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