What are the rate changes?

All of our home loan variable interest rates will increase by 0.50% p.a.

Owner Occupier

Product name
Current Principal & Interest Reference Rate^
Effective from 12 August 2022^
Current Interest Only Reference Rate^
Effective from 12 August 2022^
Standard Variable Rate
5.80% p.a.
6.30% p.a.
6.29% p.a.
6.79% p.a.
Viridian Line of Credit
N/A
N/A
7.28% p.a.
7.78% p.a.
Extra Home Loan
5.03% p.a.
5.53% p.a.
5.59% p.a.
6.09% p.a.
3 Yr Special Economiser (Off sale)
4.87% p.a.
5.37% p.a.
5.36% p.a.
5.86% p.a.
Economiser (Off sale)
5.34% p.a.
5.84% p.a.
5.83% p.a.
6.33% p.a.
No Fee (Off sale)
5.10% p.a.
5.60% p.a.
5.59% p.a.
6.09% p.a.
Equity Unlock Loan for Seniors (Off sale)
N/A
N/A
6.70% p.a.
7.20% p.a.

Investment

Product name
Current Principal & Interest Reference Rate^
Effective from 12 August 2022^
Current Interest Only Reference Rate^
Effective from 12 August 2022^
Standard Variable Rate
6.38% p.a.
6.88% p.a.
6.64% p.a.
7.14% p.a.
Viridian Line of Credit
N/A
N/A
7.28% p.a.
7.78% p.a.
Extra Home Loan
5.38% p.a.
5.88% p.a.
5.94% p.a.
6.44% p.a.
3 Yr Special Economiser (Off sale)
5.55% p.a.
6.05% p.a.
5.81% p.a.
6.31% p.a.
Economiser (Off sale)
5.92% p.a.
6.42% p.a.
6.18% p.a.
6.68% p.a.
No Fee (Off sale)
5.68% p.a.
6.18% p.a.
5.94% p.a.
6.44% p.a.

Why are we making these changes?

  • 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.

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.

Review our financial wellbeing hub 

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

Savings accounts & Term Deposits

  • We will increase the interest rates for the following deposit products:

    New deposit rates

    • NetBank Saver standard variable interest rate will increase by 0.50% p.a. to 0.85% p.a. The 5-month introductory variable rate will increase by 0.50% p.a. to 1.80% p.a. 
    • An 18-month Term Deposit Special offer of 3.00% p.a.#

    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.

  • 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 for a quick response

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.

How to message us

Get help

Additional support

Things you should know

  • * 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.