Following the Reserve Bank of Australia’s (RBA) decision to raise the official cash rate by 0.25% per annum (p.a.), CBA will lift its home loan variable interest rates by 0.25% p.a., effective 16 December.
In addition, the bank will increase the interest rates across a number of its savings products.
New savings rates
- NetBank Saver standard variable interest rate will increase by 0.25% p.a. to 1.60% p.a. The 5-month introductory variable rate1 will increase by 0.25% p.a. to 3.75% p.a., effective 16 December.
- GoalSaver with bonus interest rate will increase by 0.55% p.a. to 3.25% p.a., effective 16 December.
- Youthsaver with bonus interest rate will increase by 0.60% p.a. to 3.50% p.a., effective 16 December.
To further support savers, CBA will extend the availability of its 18-month Term Deposit special offer of 4.00%p.a2.
Group Executive, Retail Banking, Angus Sullivan said: “We continue to support our customers facing cost of living pressures through our online budgeting tools, discounts on everyday shopping essentials, and by again lifting the savings rates across some of our most popular deposit products.”
In recognition of customers’ purchasing habits and priorities at this time of year, Mr Sullivan pointed to a range of shopping offers available to customers in the lead up to the festive period through the CommBank app.
“We have helped customers save in excess of $22 million when they shop using our cashback program, CommBank Rewards, in the CommBank app. Millions of CBA customers have engaged with our shopping offers, with close to 75 per cent of redemptions over the last quarter being claimed on everyday essential purchases including grocery, fuel, food, pharmacy and pet supplies,” he said.
Mr Sullivan said the bank would also be extending its free, three-year nbn plan for home seekers for a further six months3.
“In June this year, we announced we would – in partnership with More – provide eligible conditionally pre-approved home loan customers with access to a free nbn plan for three years. We have now extended this offer by a further six months, helping eligible home owners who maintain their home loan with us to save thousands of dollars,” he said.
Mr Sullivan said customers with questions about the rapidly changing interest rate environment and how it may impact them and their finances are encouraged to contact their bank sooner rather than later.
“We encourage our customers to message us in the CommBank app to explore different support options or to connect with a specialist. Having those conversations earlier can not only help us explore more options but can alleviate the anxiety that can come with worrying about your financial situation,” Mr Sullivan said.
CommBank offers an array of tools and features designed to help Australians navigate the current environment.
Nine customer tools and tips
- Visit our Cost of Living Support Hub to view a myriad of tools, tips and guidance all designed to help you navigate the current cost of living pressures.
- Use our suite of budgeting tools to help manage your finances including Money Plan in the CommBank app which helps you to track your spending, stay on top of bills and set goals.
- Use Spend Tracker in the CommBank app to help categorise your debit and credit card transactions, making it easier to see the impact your spending decisions have on your everyday finances.
- Use Category budgets to set weekly, fortnightly or monthly budgets for different categories of your spending – from entertainment to transport, eating out and shopping. You can see how your spend compares to the budget you set yourself, to help you stay on track.
- Estimate how much your home loan repayments may increase via the home loan repayments calculator.
- Make the most of an offset account. An offset account is a transaction account linked to a standard variable rate home loan or investment home loan that can help you pay less interest over time. For customers looking to maximise the benefits of offsetting, we offer multiple offset accounts.
- Eligible customers can align their home loan repayments to when and how often they are paid via the Home Loan repayment change tool. Research suggests small changes, like aligning your home loan repayment day with your pay day, can make it easier to manage your finances.
- Consider how taking out a fixed rate home loan
