Help & support
All of our home loan variable interest rates will increase by 0.25% p.a.
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.
Your new interest rate will apply from 17 November 2023. 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:
As a result of interest rates increasing, if you're making Principal and Interest repayments, your minimum required repayment may need to increase. If it does, it won’t increase straight away – we’ll give you at least 20 days’ notice by separate communication 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 17 November 2023.
How much your repayments may increase depends on your remaining loan amount, loan term and the individual circumstances of your loan. For example, if you currently have a $500,000 Owner Occupied Standard Variable Rate Home Loan with a remaining loan term of 25 years and your current interest rate is 8.55% p.a. your interest rate will now increase by 0.25% p.a. to 8.80% p.a. This would see repayments increase by $85 a 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.
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.
We will increase the interest rates for the following savings products effective 17 November 2023:
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.# .
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 help from Ceba in the CommBank app or connect with a specialist who can message you back. You’ll need CommBank app notifications turned on so you know when you’ve received a reply.
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.
^ 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.
