Following the Reserve Bank of Australia’s (RBA) decision to raise the official cash rate by 0.25% per annum (p.a.), CBA will lift its home loan variable interest rates by 0.25% p.a., effective 16 December.

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

New savings rates

  • NetBank Saver standard variable interest rate will increase by 0.25% p.a. to 1.60% p.a. The 5-month introductory variable rate1 will increase by 0.25% p.a. to 3.75% p.a., effective 16 December.
  • GoalSaver with bonus interest rate will increase by 0.55% p.a. to 3.25% p.a., effective 16 December.
  • Youthsaver with bonus interest rate will increase by 0.60% p.a. to 3.50% p.a., effective 16 December.

To further support savers, CBA will extend the availability of its 18-month Term Deposit special offer of 4.00%p.a2.

Group Executive, Retail Banking, Angus Sullivan said: “We continue to support our customers facing cost of living pressures through our online budgeting tools, discounts on everyday shopping essentials, and by again lifting the savings rates across some of our most popular deposit products.”

In recognition of customers’ purchasing habits and priorities at this time of year, Mr Sullivan pointed to a range of shopping offers available to customers in the lead up to the festive period through the CommBank app.

“We have helped customers save in excess of $22 million when they shop using our cashback program, CommBank Rewards, in the CommBank app. Millions of CBA customers have engaged with our shopping offers, with close to 75 per cent of redemptions over the last quarter being claimed on everyday essential purchases including grocery, fuel, food, pharmacy and pet supplies,” he said.

Mr Sullivan said the bank would also be extending its free, three-year nbn plan for home seekers for a further six months3.

“In June this year, we announced we would – in partnership with More – provide eligible conditionally pre-approved home loan customers with access to a free nbn plan for three years. We have now extended this offer by a further six months, helping eligible home owners who maintain their home loan with us to save thousands of dollars,” he said.

Mr Sullivan said customers with questions about the rapidly changing interest rate environment and how it may impact them and their finances are encouraged to contact their bank sooner rather than later.

“We encourage our customers to message us in the CommBank app to explore different support options or to connect with a specialist. Having those conversations earlier can not only help us explore more options but can alleviate the anxiety that can come with worrying about your financial situation,” Mr Sullivan said.

CommBank offers an array of tools and features designed to help Australians navigate the current environment.

Nine customer tools and tips

  1. Visit our Cost of Living Support Hub to view a myriad of tools, tips and guidance all designed to help you navigate the current cost of living pressures.
  2. Use our suite of budgeting tools to help manage your finances including Money Plan in the CommBank app which helps you to track your spending, stay on top of bills and set goals.
  3. 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.
  4. 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.
  5. Estimate how much your home loan repayments may increase via the home loan repayments calculator.
  6. 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.
  7. Eligible customers can align their home loan repayments to when and how often they are paid via the Home Loan repayment change tool. Research suggests small changes, like aligning your home loan repayment day with your pay day, can make it easier to manage your finances.
  8. Consider how taking out a fixed rate home loan could give you greater certainty around your regular mortgage repayments. For more information, contact us in the CommBank app to be connected with a home lending specialist or visit
  9. Save on your everyday spending by checking Rewards in the CommBank app.

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.

1Open a NetBank Saver for the first time from 6 December 2022 and you’ll receive a variable introductory interest rate for the first 5 months after account opening.  The variable introductory rate is currently 3.50% p.a. (increasing to 3.75%p.a. from 16 December 2022), which includes a fixed bonus margin of 2.15% p.a. above the NetBank Saver standard variable rate, currently 1.35%p.a. (increasing to 1.60% p.a. from 16 December 2022). At the end of the introductory rate period the NetBank Saver standard variable rate applicable at that time will apply. This introductory rate offer is available for a limited time only and the Bank reserves the right to terminate this offer at any time. The variable introductory interest rate will not apply to NetBank Saver accounts which are jointly owned where one of the account holders has previously held a NetBank Saver account.

2The 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.

3Offer of $77/mth off the More XL Speed Boost nbn™ plan standard price for 3 years is for customers with conditional pre-approval of an eligible home loan who then find a property and fund $250,000 or more between 31 May 2022 and 30 June 2023. Offer is not available for Construction Loans. Offer must be claimed by 31 December 2023. Customers may upgrade to a faster More nbn™ plan at any time, in which case the customer must pay the additional plan fees above the $77/mth discount. If a customer wishes to select a cheaper plan, they will pay $0/mth for 3 years but will not receive a cashback for the difference. If the More XL Speed Boost nbn™ or any plan of the customer’s choosing has its features or pricing changed, customers will be notified. In the event that the customer’s plan of choice is no longer available, they will be notified and switched over to a comparable More nbn™ plan with terms and pricing closest to their existing plan and the offer will be applied to that plan. The offer may not apply in conjunction with other offers or discounts. Limit of one offer code per borrowing entity (e.g. individual, joint borrowers, company) and per customer. Limit of one offer code per joint application. Customers must maintain their home loan with CommBank and sign up with and maintain a CommBank credit card or debit card as the online bill payment method in order to continue to receive the discount. Any customer who doesn’t maintain these requirements will no longer be eligible for the offer and access to the offer will be revoked with effect from the following month, with the cost of your plan reverting to the Recommended Retail Price (RRP) current at that time. This offer does not have to be used at the property that is being funded, the customer can choose to use the discount at any address where a More nbn™ service is confirmed as available. The promotional period commences from the day that your nbn™ service is activated on the nbn™ network. After 3 years the cost of your plan will revert to the Recommended Retail Price (RRP) current at that time. The RRP of More nbn™ plans are subject to change. The offer does not apply in relation to any modem charges, nbn™ New Development Fee or nbn™ New or Subsequent Copper Line charges or any fees in respect of additional services or usage. If you sign up, More will be your service provider for your nbn™ and will handle all technical enquiries, complaints and servicing. The provision of your nbn™ service will be subject to More’s standard terms of service and policies, which are available here on the More website. We reserve the right to withdraw or substitute this offer at any time.

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