Following the Reserve Bank of Australia’s (RBA) cash rate decision, CBA will increase home loan variable interest rates by 0.50% p.a.
New Standard Variable Reference Rates
- Owner Occupier Principal and Interest Standard Variable Rate home loans will increase by 0.50% per annum (p.a.) to 5.80% p.a.
- Investor Principal and Interest Standard Variable Rate home loans will increase by 0.50% p.a. to 6.38% p.a.
- Owner Occupier Interest Only Standard Variable Rate home loans will increase by 0.50% p.a. to 6.29% p.a.
- Investor Interest Only Standard Variable Rate home loans will increase by 0.50% p.a. to 6.64% p.a.
Group Executive, Retail Banking, Angus Sullivan said: “We are here to support our customers and have a range of tools to help them manage their repayments online, including aligning them to when and how often they are paid, along with tools to help them budget and track their spending, such as Spend Tracker in the CommBank app. We understand the rapidly changing rate environment may raise questions for some of our customers and we are here to help them. We encourage our customers to message us in the CommBank app to explore different support options or to connect with a home lending specialist.”
The new home loan variable interest rates will take effect on 15 July 2022. Customers will be able to see their new interest rate in the CommBank app or online via NetBank the day after the change has gone live.
CBA will also increase the interest rates for select savings products.
New Deposit Rates
- GoalSaver with bonus interest will increase by 0.50% p.a. to 1.25% p.a.
- Youthsaver with bonus interest will increase by 0.50% p.a. to 1.45% p.a.
- A new 15-month Term Deposit Special offer of 2.50% p.a.^
“These new deposit rate changes, combined with the increases we’ve made over the past two months, will help deliver better savings outcomes for our customers, however they are looking to save.
“We have a range of deposit products to suit our customers’ needs and encourage them to speak with us to ensure they are in the product that best suits them,” Mr Sullivan said.
The new deposit rates will take effect on 15 July 2022. Customers will be able to see their new interest rate on the CommBank website.
Where customers can access help
Customers can estimate how much their home loan repayments may increase via the home loan repayments calculator.
We have a range of support materials available for customers, including tips for customers to manage their home loan in a rising rate environment.
Customers who are falling behind or think they may fall behind with home loan repayments can message us to be connected with our Financial Assistance Solutions Team.
We also encourage customers to speak with us about how we can support them via our extensive network of lending specialists.
Things you should know:
Media releases are prepared without considering an individual readers objectives, financial situation or needs. Readers should consider the appropriateness to their circumstances. Visit Important Information to access Product Disclosure Statements or Terms and Conditions which are currently available electronically for products of the Commonwealth Bank Group, along with the relevant Financial Services Guide. Target Market Determinations are available here. Loan applications are subject to credit approval. Interest rates are correct at the time they are published and are subject to change. Fees and charges may apply.