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Preston June 2(TIE)CBA will raise home loan variable interest rates by 0.50 percent p.a. in response to the Reserve Bank of Australia’s (RBA) cash rate decision.
New Variable Standard Reference Rates
Principal and Interest of the Owner-Occupier Home loans with standard variable rates will rise by 0.50 percent per year (p.a.) to 5.30 percent p.a.
Principal and Interest to the Investor Home loans with a standard variable rate will increase by 0.50 percent per year to 5.88 percent per year.
Owner Occupier Standard Variable Rate home loans will rise by 0.50 percent per year to 5.79 percent per year.
Home loans with Investor Interest Only Standard Variable Rates will increase by 0.50 percent per year to 6.14 percent per year.
“We are here to serve Australian people who may be concerned about their home loan repayments,” said Angus Sullivan, Group Executive, Retail Banking. Customers are encouraged to contact us.
The new variable interest rates for house loans will go into effect on June 17, 2022. The day after the change goes live, customers will be able to check their new interest rate on the CommBank app or online via NetBank.
In addition, CBA will raise the bonus interest rate on chosen savings products by 0.50 percent per annum.
Rates on New Deposits
The bonus interest rate on GoalSaver will increase by 0.50 percent per year to 0.75 percent per year.
* The Youthsaver bonus interest rate will rise by 0.50 percent per year to 0.95 percent per year**. We hope that these adjustments provide much-needed assistance to our customers who are wanting to save money.
“Due to the high demand, we’ll be extending the availability of our 2.25 percent p.a. 18-month Term Deposit special offer.”
“The extension of our 18-month Term Deposit promotion, along with our higher bonus rates for GoalSaver and Youthsaver, provides a choice of alternatives for our customers to obtain an increased return on their savings,” said Angus Sullivan.
