News

Thursday 9th April

Commonwealth Bank reduces home loan interest rates by 0.10% p.a.

 

What you need to know

The Commonwealth Bank is pleased to pass on another cut in the standard variable home loan interest rate. This follows the Reserve Bank of Australia’s cut to the official cash rate. Prior to this most recent rate cut, the Bank’s standard variable rate was 0.17% below most of our major bank competitors.

The standard variable home loan interest rate will be cut by 0.10% p.a. to 5.64% p.a.,
effective Friday, 17th of April 2009. This means the Bank will continue to offer the lowest standard variable rate of the four major banks.

Owner occupied and investment home loan interest rates will decrease as follows:

 

Old Rate % p.a.

New Rate % p.a.

Change

Complete Home Loan Variable Rate

5.74%

5.64%

-0.10%

Economiser (Base Variable Rate)

5.23%

5.13%

-0.10%

 

On a loan of $250,000 over a 30 year term, this will mean you can save approximately $16
per month in repayments. Take a look at our Home Loan Calculators to work out the savings you will make.


What you need to do

Visit NetBank to review your interest rate and repayments. We encourage you to review your financial position and budgeting in light of the changes in interest rates.

If you would like to change your repayments, you can request this through the ‘Manage my accounts’ section in NetBank if:

  • Your loan is a variable rate loan
  • Your existing repayments are principle & interest (that is, you are not paying interest only or interest in advance), and
  • You are a personal borrower with authority to operate (no guarantor or trust is involved), and your co-borrower doesn’t need to authorise changes.


If you don’t have NetBank, it’s free, quick and easy to register online.


Any questions?

Visit your nearest branch if you have any questions, or for a free Financial Health Check to ensure you have the right products for your needs.

For more information about our Home Loans, visit our Home Loans website.