Help & support
All of our home loan variable interest rates will increase by 0.50% p.a.
On 2 August 2022, 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 0.50% p.a from 12 August 2022.
Your new interest rate will apply from 12 August 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 the CommBank app:
To see your current home loan interest rate in NetBank:
If you’re making Principal and Interest repayments, your minimum required repayment amount may increase, but if it does, it won’t be straight away. We'll always give you at least 20 days' notice if this is changing. 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 12 August 2022.
How much your repayments may increase depends on your remaining loan amount, loan term and the individual circumstances of your loan. For example, a 0.50% p.a. increase for a $500,000 Standard Variable Rate home loan with a remaining loan term of 25 years and current interest rate of 5.80% p.a. would see repayments increase by $153 per month**.
In the meantime, you can estimate how much your new repayments might be ahead of time using our home loan repayment calculator.
Input your remaining loan amount and loan term, which can be found by selecting your home loan account in NetBank or the CommBank app. Then select ‘input interest rate’ and add the increase to your current rate.
Read our guide on how home loan repayments may be impacted by a rate increase.
We have a range of options and resources to help you with managing your home loan and planning ahead.
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.
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 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:
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.
Our financial wellbeing hub can help you take control of your finances and feel greater peace of mind.
We will increase the interest rates for the following deposit products:
The new Term Deposit will be available from 8 August 2022, while the new NetBank Saver rate will take effect on 12 August 2022.
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.
You can check the interest rate for your savings accounts in the CommBank app or NetBank.
For the CommBank app:
Alternatively you can ask Ceba, our Virtual Assistant to show you.
Get instant answers from our virtual assistant, or connect to a specialist to discuss your options. Make sure you have notifications for the CommBank app turned on.
We’re here to support you if you’d like to discuss what other options may be available to you.
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, and you can also request financial assistance in NetBank.
Messaging us is fast and convenient, but you can also visit Contact us for other ways to get in touch.
* We reserve the right to terminate this limited offer at any time. To apply for a Wealth Package, you must have an eligible home loan or line of credit with an initial package lending balance of at least $150,000 at the time of your application. A non-refundable annual fee of $395 is payable in advance. The package can be established in the name of one or two individual’s name/s, or in the name of a corporate entity. It cannot be established in the name of a business or family investment trust. Customers with Low Documentation loans are not eligible to apply for Wealth Package. Consider using rate lock to obtain the special offer rate. A rate lock fee of $750 is charged per fixed rate loan account in the application. Your rate will be locked in for 90 days after we charge the rate lock fee so if you settle within 90 days, your loan will fund at the locked in rate. Applications subject to credit approval. Other fees and charges may apply. Comparison rate calculated on a $150,000 secured loan over a 25-year term. WARNING: Comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
^ 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 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.
# The Term Deposit special offer is available to personal, SMSF and business customers. Financial institutions are excluded. 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.
