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 5.30% p.a.
- Investor Principal and Interest Standard Variable Rate home loans will increase by 0.50% p.a. to 5.88% p.a.
- Owner Occupier Interest Only Standard Variable Rate home loans will increase by 0.50% p.a. to 5.79% p.a.
- Investor Interest Only Standard Variable Rate home loans will increase by 0.50% p.a. to 6.14% p.a.
Group Executive, Retail Banking, Angus Sullivan said: “We are here to support Australian households who may be concerned about their home loan repayments. We encourage customers to contact us to discuss the options available to them including ensuring offset accounts are set up and linked to their eligible home or investment loan.”
The new home loan variable interest rates will take effect on 17 June 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 bonus interest rate for select savings products by 0.50% p.a.
New Deposit Rates
- GoalSaver bonus interest rate will increase by 0.50% p.a. to 0.75% p.a.*
- Youthsaver bonus interest rate will increase by 0.50% p.a. to 0.95% p.a.**
“It has been a challenging time for many savers who have experienced a long period of record low interest rates. We hope these changes provide some much needed support for our customers looking to save.
“Given the strong take up, we will also be extending availability of our 18-month Term Deposit special offer of 2.25% p.a.
“Along with our increased bonus rates for GoalSaver and Youthsaver, the extension of our 18-month Term Deposit special provides a range of options for our customers to get an increased return on their savings,” said Angus Sullivan.
The new deposit rates will take effect on 17 June 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 can message us in the CommBank app for a quick response or to connect with a specialist.
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 lenders and brokers.
Things you should know
*The 0.75% p.a. GoalSaver rate is inclusive of the GoalSaver Standard Variable Rate and Bonus Variable Interest.
**The 0.95% p.a. Youthsaver rate is inclusive of the Youthsaver Standard Variable Rate and Bonus Variable Interest.
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.
