What are the rate changes?

All of our home loan variable interest rates will increase by 0.25% p.a. except for Equity Unlock Loan for Seniors (EQFS).

Owner Occupier

Product name
Current Principal & Interest rate
Effective from 20 May 2022
Current Interest Only rate
Effective from 20 May 2022
Standard Variable Rate
4.55% p.a.
4.80% p.a.
5.04% p.a.
5.29% p.a.
Viridian Line of Credit
N/A
N/A
6.03% p.a.
6.28% p.a.
Extra Home Loan reference rate
3.78% p.a.
4.03% p.a.
4.34% p.a.
4.59% p.a.
3 Yr Special Economiser (Off sale)
3.62% p.a.
3.87% p.a.
4.11% p.a.
4.36% p.a.
Economiser (Off sale)
4.09% p.a.
4.34% p.a.
4.58% p.a.
4.83% p.a.
No Fee (Off sale)
3.85% p.a.
4.10% p.a.
4.34% p.a.
4.59% p.a.
Equity Unlock Loan for Seniors (Off sale)
5.70% p.a.
5.70% p.a.
N/A
N/A

Investment

Product name
Current Principal & Interest rate
Effective from 20 May 2022
Current Interest Only rate
Effective from 20 May 2022
Standard Variable Rate
5.13% p.a.
5.38% p.a.
5.39% p.a.
5.64% p.a.
Viridian Line of Credit
N/A
N/A
6.03% p.a.
6.28% p.a.
Extra Home Loan reference rate
4.13% p.a.
4.38% p.a.
4.69% p.a.
4.94% p.a.
3 Yr Special Economiser (Off sale)
4.30% p.a.
4.55% p.a.
4.56% p.a.
4.81% p.a.
Economiser (Off sale)
4.67% p.a.
4.92% p.a.
4.93% p.a.
5.18% p.a.
No Fee (Off sale)
4.43% p.a.
4.68% p.a.
4.69% p.a.
4.94% p.a.

Why are we making these changes?

  • In light of the Reserve Bank of Australia’s (RBA) cash rate decision, CBA will increase home loan variable interest rates by 0.25% p.a. The RBA cash rate is one factor that determines our lending interest rates and because the RBA decision means the cost of our funds increases, we have made the decision to increase some of our home loan interest rates.

What will happen next?

  • Your new interest rate will apply from 20 May 2022. You’ll be able to see your new interest rate in the CommBank app or NetBank on the following day.

    To see your current home loan interest rate in NetBank:

    1. Log on to NetBank
    2. In the ‘Accounts’ screen of NetBank, select the account you want to view
    3. You can find your interest rate in the ‘Summary’ tab of ‘Manage my loan’. There will also be a message in your transaction history with the interest rate change.
  • To see your current home loan interest rate in the CommBank app:

    1. Log on to the latest version of the CommBank app
    2. Select ‘Accounts’
    3. Select the account you want to view
    4. You can see your current interest rate by selecting ‘Manage Loan’. There will also be a message in your transaction history with the interest rate change.
  • If you’re making Principal and Interest repayments, your minimum required repayment amount won’t increase straight away - we'll always give you at least 20 days' notice if this is changing. In the meantime, you can estimate how much your new repayments might be ahead of time using our home loan repayments calculator*

    If you’re making Interest Only payments or you have a line of credit, the interest payable will increase when the new rate takes effect on Friday 20 May 2022.

    Read our guide on how home loan repayments may be impacted by a rate increase.

Support for home loan customers

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

    Consider fixing or splitting your loan, so you’ll know exactly what your repayments will be, giving you confidence to budget and plan ahead with certainty. You can easily switch your existing home loan from variable to fixed in NetBank and the CommBank app. 

  • 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

  • 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 repayments. Read more about redraw.

  • 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’
  • Small changes now can mean big differences to how much of your home loan you end up repaying – and how long it takes. Find out about some of the ways you can pay off your home loan faster

  • Our financial wellbeing hub can help you take control of your finances and feel greater peace of mind.​

Additional support

  • We’re here to support you if you’d like to discuss what other options may be available. ​

    ​Message Us in the CommBank app for a quick response – get instant answers from our virtual assistant, or connect to a specialist to discuss your options​.

  • Message Us in the CommBank app if you’re a CommBank customer who’s falling behind, or think you may fall behind with repayments on your home loan. Our Financial Assistance Solutions team can work with you. You can also request financial assistance in NetBank.

  • Message Us is the quickest way to get a response, however you can also visit Contact Us for other ways to get in touch.

See our home loan options 

Things you should know

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    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.

    *When using the calculator, make sure you input your remaining loan amount and loan term, which can be found by selecting your home loan account in NetBank or the CommBank app.

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