Help us improve our website by completing a quick survey. Start survey now

CommBank cuts fixed rate home loans: rates hit 22 year low

Media release

CommBank can

Media release

CommBank cuts fixed rate home loans:
rates hit 22 year low

Friday, 12 October 2012:  The Commonwealth Bank today announced that it will cut interest rates on new One, Two, Three, Four and Five-Year Fixed Rate Home Loans by up to 0.30 per cent per annum.

This latest cut to Fixed Rate interest rates now sees the Bank’s Three, Four and Five-Year Fixed Rate Home Loans the lowest they’ve been for more than 22 years.

In addition to today’s fixed rate cut, the Commonwealth Bank has also announced it is bringing back its popular Home Loan Guarantee, committing to beat the advertised fixed rates of the major banks across One to Five-Year Fixed Rate Home Loans. The Fixed Rate Guarantee is available from today and is valid for applications approved before Friday, 9 November 2012.

Clive van Horen, General Manager Home Loans said Fixed Rate Home Loans are becoming increasingly attractive to customers. “With some rates now the lowest they have been in over 20 years, customers are increasingly taking up Fixed Rate Home Loans.

“The major benefit of a Fixed Rate Home Loan is that it provides customers with more certainty, allowing them to lock in a great, low rate, and we are also seeing more customers choosing to split their loan, combining both fixed and variable rates.” Mr van Horen said.

The new interest rates will be available to new customers, or customers looking to switch from variable to fixed rate home loans from Friday, 12 October 2012.

 

One Year

Two Years

Three Years

Four Years

Five Years

CBA (current*)

5.69%

5.59%

5.59%

5.99%

5.99%

Change

-0.30%

-0.20%

-0.20%

-0.30%

-0.30%

CBA (new*)

5.39%

5.39%

5.39%

5.69%

5.69%

* Lowest rates include package discounts where applicable.  Rate only applies to borrowings over $150,000.

ENDS

 

For more information contact:
Tracy Hicks
Commonwealth Bank
Ph: (02) 9118 6919

 

Media contact:

Tracy Hicks
Commonwealth Bank
Ph: (02) 9118 6919