Commonwealth Bank today announced it will reduce interest rates on our Standard Variable Rate (SVR) products by 0.25% per annum.
The new SVR will take effect from 20 May 2016. Our fixed rates remain unchanged.
“We’ve carefully considered the impact of the current economic environment and moved to balance the needs of our customers and shareholders.
“While we note funding costs and capital requirements have tightened, we are focused on delivering value for our 1.6 million home loan customers and have confirmed today that we will pass on the full benefit of the cash rate reduction by the Reserve Bank of Australia,” said Matt Comyn, Group Executive Retail Banking Services.
By reducing the standard variable home loan rate by 0.25%, homeowners will save $55 a month, based on the average mortgage of $350,000.
We will also be giving the full benefit of the rate decrease to small business owners, reducing our Standard Variable Business Rate by 0.25% per annum.