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Commonwealth Bank cuts interest rates on standard variable home loans

Media release

CommBank can

Media release

Commonwealth Bank cuts interest rates on standard variable home loans

5 October 2012: The Commonwealth Bank Group (Group) today announced it will reduce interest rates on its standard variable home loan account by 0.20 per cent per annum with effect from Friday 12 October 2012.  The new Standard Variable Rate is 6.60 per cent per annum.

In making this decision, the Group has continued to balance the needs of 1.8 million home loan borrowers with those of its 11 million depositors and its shareholders, who include 800,000 Australians who own its shares directly, and millions more Australians who own shares through pension funds.

One significant factor impacting this balancing of needs has been the increase in the cost of deposits noted in the Reserve Bank of Australia’s most recent Financial Stability Review. This increase, benefiting depositors, has resulted from increased competition for deposits, as Australian banks reduce their reliance on wholesale funding.

 

 

-ENDS-

 

 

Media contact:
Steve Batten
(02) 9117 7050

Media contact:

Steve Batten
(02) 9117 7050