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Commonwealth Bank drops interest rate on No Fee Home Loan

  • No Fee home loan interest rate reduced to 7.11 percent; making it one of the most competitive interest rates in the home loan market and well below the standard variable rate of competitors.
  • No restrictions on who can apply, and it’s available through all channels; in branch, over the phone, online or through a broker.


Monday, 27 June 2011, Sydney: The Commonwealth Bank reaffirmed its commitment to being a leader in the Australian home loan market by this week announcing it has reduced the interest rate on its award-winning No Fee Variable Interest Rate Home Loan by 13 basis points to just 7.11 percent.

Commonwealth Bank’s No Fee, low interest rate home loan was the first loan of its kind available in the Australian market and was recently awarded ‘Innovative Mortgage Product of the Year’ at the Australian Banking & Finance awards held this month.

Unlike some competitor loans currently available, the No Fee home loan is available; in-branch, over the phone, online or through a broker, with no rules on how you must apply for, or manage your loan.

Ross McEwan, Group Executive Retail Banking Service said, “Commonwealth Bank’s No Fee home loan has been a market leader and this latest interest rate reduction proves we are dedicated to offering our customers the very best.

“As Australia’s largest provider of home loans, we understand what matters to our customers.  That’s why we are committed to developing market leading products that provide full flexibility and value to our customers” Mr McEwan went on to say.

This new rate will automatically be applied to all new, and existing No Fee home loans, this represents a saving of $27 per month on the average No Fee home loan.

Key features of the No Fee home loan:

  • No bank fees on your home loan for the life of the loan.  Only the mandatory Government charges and Lenders Mortgage Insurance premium if applicable;
  • Interest rate is now a very competitive 7.11 percent per annum, well below our competitors standard variable interest rates;
  • Customers can apply for our No Fee home loan in-branch, over the phone, online or through a broker;
  • An optional transaction account with no monthly account fees and a credit card with no annual fees for the life of the loan; and
  • A minimum loan amount of $150,000.

For more information visit: www.commbank.com.au/nofee

 

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For further information contact:

Tracy Hicks
PR Advisor, Commonwealth Bank 
P: (02) 9118 6919
M: 0478 306 055

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