Commonwealth Bank leads the way with new No Fee, low interest rate home loan available to all
- No Fee home loan at a highly competitive 7.24 percent, one of the lowest variable interest rates available.
25 February 2011: The Commonwealth Bank today reinforced its position as Australia's top home loan provider, announcing a new No Fee Variable Interest Rate Home Loan, with a very competitive interest rate of 7.24 percent, well below the standard variable rate of our competitors.
The Bank's No Fee, low interest rate home loan is the first of its kind available in the Australian market, and ensures customers will not pay any bank fees on their home loan for the life of the loan. The No Fee loan is available in-branch, over the phone, online or through a broker, and as an added bonus for existing Commonwealth Bank customers with a standard variable rate home loan, there will be no fees to switch to the new loan.
Ross McEwan, Group Executive Retail Banking said, "Commonwealth Bank's No Fee home loan adds additional competition to an already competitive mortgage market. We have seen some moves in recent weeks that show our competitors are trying to catch up to our leading position and we welcome the challenge, because competition is good for customers.
"Our No Fee home loan is the very first of its kind in the Australian market, with no annual fees, no monthly fees, no exit fees - no bank fees at all. With our new No Fee home loan, unlike our competitors, we will not apply fees such as late payment fees, loan service fees, settlement fees or loan increase fees."
"We are committed to developing market leading products that provide full flexibility and value to our customers. This is only one of the reasons why more Australians have their home loans with us."
No Fee Variable Rate Home Loan:
The No Fee home loan has flexible options, and customers can also add the benefits of a credit card with no annual fees for the life of the loan and a transaction account with no monthly account fees, which sets a new benchmark in retail banking.
- 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 a very competitive 7.24 percent per annum, well below our competitors standard variable interest rates;
- Existing Commonwealth Bank standard variable rate home loan customer can switch to the new No Fee home loan without incurring any switching fees from Monday, 4 April 2011;
- 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
P: (02) 9118 6919 M: 0478 306 055