FAQs - Interest Rate Changes
What was announced?
Commonwealth Bank has today announced an increase in its Interest Only Investment Variable Home Loan rates and Viridian Line of Credit products effective Monday 3 April 2017:
- Interest Only Variable Home Loan Interest Rates will increase by 0.12% per annum for Investment Home Loans.
- The new Interest Only Standard Variable Rate for investors will be 5.68% per annum.
- There are no changes to Interest Only home loan interest rates for Owner Occupied Home Loans.
- Viridian Line of Credit rates will increase by 0.04% p.a. to 5.82% p.a.
- Equity Unlock for Seniors and business rates remain unchanged.
Why is Commonwealth Bank increasing interest rates for Interest Only Investment Variable Home Loan rates and Viridian Lines of Credit?
We are making these changes to ensure we continue to meet our regulatory requirements and ensure the long-term sustainability of the Australian home loan market.
Will my repayments be automatically increased after Commonwealth Bank’s decision to increase Interest Only Investment Variable Home Loan rates?
Yes. For interest only repayments we automatically adjust loan repayments each month to ensure customers cover the amount of interest charged. You do not have to do anything if you are continuing to make Interest Only repayments.
How can I change my repayments to Principal and Interest if Interest Only repayments no longer suit my needs?
You can make changes to your repayments by completing a Change my loan repayment request in NetBank via Settings > Payment settings > Home loan repayments.
You can also contact us on 13 22 24 between 8:00am and 8:00pm AEDT, or visit your nearest branch.
I am unsure if my home loan product remains appropriate for my needs.
If you are unsure if your home loan product remains the most appropriate for your needs, you can speak with one of our Home Lending Specialists who can conduct a Financial Health Check and assess the product(s) and options that may best suit your needs. To do this, please visit one of our branches or call us on 13 22 24.
I would like more information. Who can I speak to?
If you would like us to conduct a Financial Health Check for you to ensure we are supporting you to achieve your financial goals you can visit any Commonwealth Bank branch or call us on 13 22 24 for more information.
Refer to our Home Loan Interest Rates website, which we update regularly to reflect current interest rates. We will update the website on Monday 3 April 2017 to reflect these changes.