Changes to variable home loan interest rates effective 23 July 2019

  • Owner Occupied Principal and Interest Standard Variable Rate home loan reduced by 0.19% per annum (p.a) to a new record low rate of 4.93% p.a.
  • Investor Principal and Interest Standard Variable Rate home loans reduced by 0.19% p.a. to 5.51% p.a.
  • Owner Occupied Interest Only Standard Variable Rate home loans reduced by 0.25% p.a. to 5.42% p.a.
  • Investor Interest Only Standard Variable Rate home loans reduced by 0.25% p.a. to 5.89% p.a.

Benefits for savers

  • A special 5 month term deposit rate will be introduced at 2.20% p.a. from 8 July.
  • Existing CBA pensioner customers will also be eligible for an additional 0.10% p.a. bonus on the 5 month term deposit, taking the rate to 2.30% p.a for these customers. This bonus is available only in branch.
  • To support our deposits customers we have made a deliberate choice to limit the interest rate reduction to 0.15% p.a. on our most popular savings account – NetBank Saver.

Frequently asked questions

Why is Commonwealth Bank decreasing its Standard Variable Home Loan interest rates?

  • Commonwealth Bank has responded to the Reserve Bank of Australia’s (RBA) cash rate decision by reducing interest rates for home owners, and making a deliberate choice to limit the interest rate reduction on our most popular savings account, as well as introduce a special term deposit offer.
  • We have passed on between 0.19% p.a. and 0.25% p.a. interest rate reductions for our home loan customers. 
  • We will introduce a special five month Term Deposit special of 2.20% p.a. together with an additional 0.10% p.a. bonus on this rate for existing CBA pensioner customers. This bonus is available only in branch.
  • With official interest rate settings already at record lows, we are focused on fairly balancing the benefits and the costs of further interest rate reductions between our 1.6 million home loan and 6 million savings customers.

Will my repayments automatically drop after Commonwealth Bank’s decision to decrease Variable Home Loan interest rates?

If you pay Principal and Interest

  • Leave your repayments as they are and you’ll be on track to pay off your loan sooner.
  • You may want to reduce your repayment to free up some cash. You can do this by selecting Change my repayment in NetBank or the CommBank app.

If you have an Interest Only home loan

  • There isn’t anything you need to do. The interest payable and your payment will automatically reduce with the rate. Just sit back and enjoy the reduced payment amount.
  • You can view your current interest rate in Account information using NetBank or the CommBank app.

Will the interest rate on my Extra Home Loan decrease?

Yes. Our Extra Home Loan is a variable rate home loan and will decrease in line with our Standard Variable Rate.

What is Commonwealth Bank doing for its deposits customers?

  • We’ve focused on being fair and balanced between the interests of borrowers and savers given the reality of the record low interest rate environment.
  • To support our deposits customers we have made a deliberate choice to limit the interest rate reduction to 0.15% on our most popular savings account – NetBank Saver.
  • From 8 July we will introduce a five month Term Deposit Special of 2.20% p.a. together with an additional 0.10% p.a. bonus on this rate for existing CBA pensioner customers. This bonus is available only in branch.

I would like more information. Who can I speak to?

  • If you would like more information, make sure you speak with one of our home lending specialists. You can call us on 13 22 24, or visit your local branch.
  • For more information about all of our products and rates, visit the Home Loan Interest Rates page on our website. This page is regularly updated and will be updated again on Tuesday 23 July 2019 to reflect the changes to our variable rate home loans.