Following the Reserve Bank of Australia’s (RBA) decision to raise the official cash rate by 0.50% per annum (p.a.), CBA will lift its home loan variable interest rates by 0.50% p.a., effective 16 September.

In addition, the bank will increase the interest rates across a number of its savings products.

New deposit rates

  • GoalSaver with bonus interest rate will increase by 0.60% p.a. to 2.10% p.a., effective 16 September.
  • Youthsaver with bonus interest rate will increase by 0.60% p.a. to 2.30% p.a., effective 16 September.

Following strong customer take up, the bank’s 18-month Term Deposit special offer of 3.00% p.a. will also be extended1.

Additionally some of our Term Deposit interest rates will increase by up to 0.75%p.a., effective 12 September.

Group Executive, Retail Banking, Angus Sullivan said: “We know that there is a lot of change happening for our customers right now, and supporting them through this time is a priority for us. One of the things we are doing to help our customers better manage any pressures to their household budget associated with the rising cost of living is lifting the rates across a number of our deposit products.”

Fixed home loan rates

For home loan customers who are looking for certainty around their ongoing mortgage repayments, we will extend our 4-year fixed rate special of 4.99% p.a.2 for Owner Occupiers paying Principal and Interest with a home loan package (comparison rate 5.77% p.a.3), and our special 3-year Interest Only Investment Home Loan fixed package rate of 5.49% p.a.2 (comparison rate 6.35% p.a.3).

Customers are encouraged to contact the bank via the CommBank app or connect with a home lending specialist to discuss how CBA’s rate lock4 feature can be used to help them secure either of the fixed rate offers.

 “We have a range of tools and other support measures to help our customers manage their home loan repayments, including our new home loan change repayment tool, which helps our customers to synchronise their mortgage repayments with the day they are paid,” Mr Sullivan said.

Customer tools and tips

  • You can use our suite of budgeting tools to help manage your finances.
  • Use Spend Tracker in the CommBank app to help categorise your debit and credit card transactions, making it easier to see the impact your spending decisions have on your everyday finances.
  • Use Category budgets to set weekly, fortnightly or monthly budgets for different categories of your spending – from entertainment to transport, eating out and shopping. You can see how your spend compares to the budget you set yourself, to help you stay on track.
  • Make the most of an offset account. An offset account is a transaction account linked to a standard variable rate home loan or investment home loan that can help you pay less interest over time. For customers looking to maximise the benefits of offsetting, we offer multiple offset accounts.
  • You can estimate how much your home loan repayments may increase via the home loan repayments calculator.
  • You could also consider how taking out a fixed rate home loan could give you greater certainty around your regular mortgage repayments.

Where you can access help

  • If you are concerned about your financial situation, message us at any time in the CommBank app and we will connect you with our Financial Assistance Solutions Team.
  • We also encourage you to speak with us about how we can support you via our extensive network of lending specialists.

Things you should know: Media releases are prepared without considering an individual readers objectives, financial situation or needs. Readers should consider the appropriateness to their circumstances. Visit Important Information to access Product Disclosure Statements or Terms and Conditions which are currently available electronically for products of the Commonwealth Bank Group, along with the relevant Financial Services Guide. Target Market Determinations are available here. Loan applications are subject to credit approval. Interest rates are correct at the time they are published and are subject to change. Fees and charges may apply.

1The Term Deposit special offer is available to personal, SMSF and business customers. Financial institutions are excluded. It is available on balances from $5,000 to $1,999,999, with interest paid annually. CBA’s Term Deposits, rates and eligibility criteria are available here.

2We reserve the right to terminate this limited offer at any time. To apply for a Wealth Package, you must have an eligible home loan or line of credit with an initial package lending balance of at least $150,000 at the time of your application. A non-refundable annual fee of $395 is payable in advance. The package can be established in the name of one or two individual’s name/s, or in the name of a corporate entity. It cannot be established in the name of a business or family investment trust. Customers with Low Documentation loans are not eligible to apply for Wealth Package.

3Comparison rate calculated on a $150,000 secured loan over a 25-year term. WARNING: Comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Comparison rates for fixed Interest Only loans are based on an initial Interest Only period equal in length to the fixed period. During an Interest Only period, your interest only payments will not reduce your loan balance. This may mean you pay more interest over the life of the loan. 

4The CommBank rate lock fee is $750. The rate lock fee is charged per fixed rate loan account in the application. Your rate will be locked in for 90 days after we charge the rate lock fee so if you settle within 90 days, your loan will fund at the locked in rate.