Commonwealth Bank Lifts Interest Rates on Deposits and Standard Variable Home Loans

3 November 2009:  The Commonwealth Bank today announced it will increase interest rates on a range of deposit and variable home loan accounts, reflecting recent increases in market interest rates and wholesale funding costs. 

The deposit interest rate on the NetBank Saver and Business Online Saver accounts will increase by 0.25 per cent per annum, effective Monday 9 November.

As Australia’s largest home lender the Commonwealth Bank is committed to remaining competitive in the market.

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


Old Rate % pa

New Rate % pa


Complete Home Loan Variable Rate





(Base Variable Rate)




Viridian Line of Credit (Residential Equity Rate)





The new variable home loan interest rates will be effective for new and existing customers from Monday 9 November 2009.

Group Executive, Retail Banking Services Ross McEwan said: “Funding pressures and market interest rates continue to be significant issues for financial institutions and today’s increase reflects the costs being experienced.”

“The majority of Commonwealth Bank variable rate home loan borrowers are already paying off more than the required amount, as we continue to offer the lowest variable home loan rate among the major banks,” Mr McEwan said.

 “Customers are encouraged to review their financial position and budgeting in light of this interest rate increase to ensure that their arrangements remain appropriate for their circumstances.  Those customers who are seeking some assistance or financial advice should contact their branch or our home loan hotline on 13 22 24.  We can discuss with them alternative arrangements, such as extending the loan term,” Mr McEwan said.


Media contact: Steve Batten

Telephone: 02 9378 2504