Decrease to Interest Rates on Home Loans

Wednesday 4 February 2015

Today we announced that we will be decreasing the interest rate for our variable rate home loans by 0.25% p.a. and reducing our 3 and 5 year fixed rates.

For a variable rate home loan of $300,000 this change will save our customers around $48 a month.

As Australia’s largest home lender, we’re committed to offering competitive pricing for home loan customers.

Variable Rates effective 20 February 2015 Old rate
(% p.a.)
New rate
(% p.a.)
New comparison rate
(% p.a.)
Change
(% p.a.)
Complete Home Loan (Standard Variable Rate) 5.90% 5.65% 5.79% -0.25%
Economiser (Base Variable Rate) 5.44% 5.19% 5.33% -0.25%
No Fee Variable Rate 5.20% 4.95% 4.95% -0.25%
Viridian Line of Credit (Residential Equity Rate) 6.05% 5.80% N/A -0.25%


Fixed Rates effective 6 February 2015 Old rate
(% p.a.)
New rate
(% p.a.)
New comparison rate
(% p.a.)
Change
(% p.a.)
3 Year Fixed (Package Rate*) 4.94% 4.69% 5.42% -0.25%
5 Year Fixed (Package Rate*) 4.99% 4.69% 5.35% -0.30%

Important Information: 0.25% p.a. interest rate cut on variable rates effective 20/02/2015. Fixed rate reductions will be effective 06/02/2015. Information current as at 04/02/2015. Saving is calculated on a total home loan value of $300,000, over a 30 year term. Repayments reduced at customer request. Comparison rates calculated on a $150,000 secured loan over a 25 year term. WARNING: These comparison rates are true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in different comparison rates.

*To be eligible for Wealth Package, you must have a current home loan or line of credit with an initial ‘total home lending balance’ of at least $150,000 when you apply for Wealth Package. The package can only be established under one individual’s name or in the name of a corporate entity. It cannot be established in joint names or in the name of a business or family investment trust. The current annual package fee is $395, and this will be debited to a nominated Commonwealth Bank transaction account or Commonwealth Bank Credit Card. Customers with Low Doc Loans are not eligible to apply for Wealth Package. Package benefits are only available while you have a current home loan or line of credit facility and have paid the annual package fee.

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