News

Wednesday 4th February


Commonwealth Bank reduces home loan interest rates by 1.00%

 

What you need to know

On the 3rd of February, the Reserve Bank of Australia’s announced a cut to the official cash
rate of 1.00%. The Commonwealth Bank is pleased to pass on this full rate cut to customers.

The standard variable home loan interest rate will be cut by 1.00% to 5.74% p.a, effective
13th of February 2009.

The new standard variable rate of 5.74% p.a, means that the Commonwealth Bank will continue to offer the lowest standard variable rate of the four major banks.

 

Old Rate % pa

New Rate % pa

Change

Complete Home Loan Variable Rate

6.74%

5.74%

-1.00%

Complete Home Loan

Variable Rate (with Wealth Package for new loans of $250K or more)

6.04%

5.04%

-1.00%

Economiser

(Base Variable Rate)

6.23%

5.23%

-1.00%

 

On a loan of $250,000 over a 30 year term, this will mean you can save approximately $162 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. If you don’t have NetBank, it’s
free, quick and easy to register online.

We encourage you to review your financial position and budgeting in light of the changes in interest rates. Please ensure that your arrangements remain appropriate for your circumstances. 


Any questions?

Visit your nearest branch if you would like to reduce your repayments to reflect the interest rate reduction, 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.