What are the rate changes?

All of our home loan variable interest rates will increase by 0.25% p.a.

Owner Occupier

Product name
Current Principal & Interest Reference Rate^
Effective from 17 November 2023^
Current Interest Only Reference Rate^
Effective from 17 November 2023^
Standard Variable Rate
8.55% p.a.
8.80% p.a.
9.04% p.a.
9.29% p.a.
Extra Home Loan
7.78% p.a.
8.03% p.a.
8.34% p.a.
8.59% p.a.
3 Yr Special Economiser (Off sale)
7.62% p.a.
7.87% p.a.
8.11% p.a.
8.36% p.a.
Economiser (Off sale)
8.09% p.a.
8.34% p.a.
8.58% p.a.
8.83% p.a.
No Fee (Off sale)
7.85% p.a.
8.10% p.a.
8.34% p.a.
8.59% p.a.
Viridian Line of Credit (Off sale)
N/A
N/A
10.03% p.a.
10.28% p.a.
Equity Unlock Loan for Seniors (Off sale)
N/A
N/A
9.45% p.a.
9.70% p.a.

Investment

Product name
Current Principal & Interest Reference Rate^
Effective from 17 November 2023^
Current Interest Only Reference Rate^
Effective from 17 November 2023^
Standard Variable Rate
9.13% p.a.
9.38% p.a.
9.39% p.a.
9.64% p.a.
Extra Home Loan
8.13% p.a.
8.38% p.a.
8.69% p.a.
8.94% p.a.
3 Yr Special Economiser (Off sale)
8.30% p.a.
8.55% p.a.
8.56% p.a.
8.81% p.a.
Economiser (Off sale)
8.67% p.a.
8.92% p.a.
8.93% p.a.
9.18% p.a.
No Fee (Off sale)
8.43% p.a.
8.68% p.a.
8.69% p.a.
8.94% p.a.
Viridian Line of Credit (Off sale)
N/A
N/A
10.03% p.a.
10.28% p.a.

Why are we making these changes?

  • On 7 November 2023, the RBA announced an increase to the official cash rate. As the cash rate is one factor that affects our cost of funds, we have made the decision to increase our home loan variable interest rates by 0.25% p.a from 17 November 2023.

Support for home loan customers

We have a range of options and resources to help you with managing your home loan and planning ahead.

Fix or split your loan

Consider fixing your loan, so you’ll know exactly what your repayments will be, giving you confidence to budget and plan ahead with certainty.

Alternatively, you can split your loan, where a portion of your home loan is fixed and the remainder is variable. This can offer some degree of certainty but also the freedom to repay faster or redraw from the variable portion.

Read more about choosing a home loan in a changing rate environment.

Interest offset

If you have a Standard Variable Loan and you don’t already have an Everyday Offset account, you can apply online in NetBank. An offset account linked to your eligible home loan could help you pay less interest over time and still ensure you have cash available should you need to access it quickly. Find out more about Everyday Offset accounts

Redraw additional repayments

If you’re ahead on your home loan repayments, you may be able to access those additional funds or take a break from upcoming scheduled repayments1. Read more about redraw.

Manage your repayments

If you’re making Principal and Interest repayments, you can choose the date of your home loan repayment when you change to weekly or fortnightly repayments. This can help you to plan your spending by syncing your repayments to your regular incoming salary payments. You can access this feature via the CommBank app:

  • Select the home loan account you’d like to update
  • Tap ‘Manage’
  • Tap ‘Change direct debit amount or frequency’

Pay off your loan faster 

Small changes now can mean big differences to how much of your home loan you end up repaying – and how long it takes. Increasing your regular repayment amount is one way to reach your home ownership goal sooner. Find out about some of the ways you can pay off your home loan faster.

Helpful ways to offset the rising cost of living

With the cost of living on the rise, we have a range of tools, benefits and support available to help home loan customers save on day-to-day expenses and plan for the future.

Savings accounts & Term Deposits

  • We will increase the interest rates for the following savings products effective 17 November 2023:

    New savings rates

    • NetBank Saver* variable introductory rate will increase by 0.35% p.a. to 5.10% p.a. The fixed bonus margin will increase by 0.20% p.a. to 2.75% p.a. and the standard variable interest rate will increase by 0.15% p.a. to 2.35% p.a. 
    • GoalSaver with bonus interest rate will increase by 0.25% p.a. to 4.90% p.a., comprising a standard variable rate of 0.40% p.a. and bonus interest rate which will increase by 0.25% p.a. to 4.50% p.a.
    • Youthsaver with bonus interest rate will increase by 0.25% p.a. to 5.00% p.a., comprising an increase in the standard variable rate by 0.25% p.a. to 2.60% p.a. and bonus interest rate of 2.40% p.a.

    You can log on to the CommBank app or NetBank to see the current interest rate for your Savings account or Term Deposit. Or alternatively, you can go to our account pages below to see the most up-to-date rates. 

    To further support our savings customers, we will also extend the availability of the 24-month Term Deposit special of 5.00% p.a.# .

  • How to check your interest rate

    You can check the interest rate for your savings accounts in the CommBank app or NetBank

    For the CommBank app:

    1. Log on and go to Accounts
    2. Select your savings account
    3. Tap on Manage, then Rates

    Alternatively you can ask Ceba, our Virtual Assistant to show you. 

Message us in the CommBank app

Get instant answers from Ceba our virtual assistant, or connect with a specialist who can message you back. You’ll need notifications for the CommBank app turned on so you know when you’ve received a reply. 

How to message us

Get help

Additional support

Things you should know

  • ^ The reference rate is our variable interest rate before any discounts. Your current interest rate can be found in NetBank and the CommBank app.

    ** This example is for illustrative purposes only and refers to an Owner Occupied Standard Variable Rate Home Loan with Principal and Interest repayments made monthly. It assumes interest rates don’t change over the life of the loan. The calculations do not take into account fees, charges or other amounts that may be charged to your loan (such as annual package fee or monthly service fees). It assumes no additional repayments or redraws are made. Standard fees and charges are payable. Interest rates may change at any time.

    1 If you choose to withdraw money from your available redraw, your home loan balance, repayments and the time it takes to pay off your loan will increase.

    * Any customer opening their first NetBank Saver from today will receive a variable introductory interest rate for the first 5 months after account opening. The variable introductory rate is currently 4.75% p.a. (increasing to 5.10% p.a. from 17 November 2023), which includes a fixed bonus margin currently at 2.55% p.a. (increasing to 2.75% p.a. from 17 November 2023) and the NetBank Saver standard variable interest rate, currently 2.20% p.a. (increasing to 2.35% p.a. from 17 November 2023). At the end of the introductory rate period, the NetBank Saver standard variable interest 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.

    # The Term Deposit special offer is available to personal and SMSF customers. The offer is not available to all other Business customers (including Financial Institutions). 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.

    Information is subject to change. Terms and conditions and target market determinations are available online and should be considered before making any decision about what’s appropriate for you. Fees and charges may apply. Applications are subject to approval.

    Interest rates referenced are current rates and may change at any time. Applications are subject to credit approval. Fees, charges, terms and conditions apply. Terms and conditions for our Everyday Offset account are available here or from our branch of the Bank. The target market for this product will be found within the product’s Target Market Determination, available here. As this information has been prepared without considering your objectives, financial situation or needs, you should consider its appropriateness to your circumstances. You should also read our Financial Services Guide.

    Commonwealth Bank of Australia ABN 48 123 123 124. Australian credit licence 234945.