Following the Reserve Bank of Australia’s (RBA) decision to raise the official cash rate by 0.50% per annum (p.a.), most big banks are expected to lift interest rates on variable loans by 0.50% on 16 September 2022.
CBA has already confirmed it will lift its home loan variable interest rates by 0.50% p.a., effective 16 September.
In addition, many customers of CBA will be interested to learn the bank will also increase interest rates across a number of its savings products.
New deposit rates
- GoalSaver with bonus interest rate will increase by 0.60% p.a. to 2.10% p.a., effective 16 September.
- Youthsaver with bonus interest rate will increase by 0.60% p.a. to 2.30% p.a., effective 16 September.
Following strong customer take up, the bank’s 18-month Term Deposit special offer of 3.00% p.a. will also be extended1.
Additionally some of the CBA Term Deposit interest rates will increase by up to 0.75%p.a., effective 12 September.
Group Executive, Retail Banking, Angus Sullivan said: “We know that there is a lot of change happening for our customers right now, and supporting them through this time is a priority for us.
“One of the things we are doing to help our customers better manage any pressures to their household budget associated with the rising cost of living is lifting the rates across a number of our deposit products.”
Fixed home loan rates
For CBA home loan customers who are looking for certainty around their ongoing mortgage repayments, the bank will extend its 4-year fixed rate special of 4.99% p.a.
2 for Owner Occupiers paying Principal and Interest with a home loan package (comparison rate 5.77% p.a.3), and 3-year Interest Only Investment Home Loan fixed package rate of 5.49% p.a.2 (comparison rate 6.35% p.a.3).
CBA customers are encouraged to contact the bank via the CommBank app or connect with a home lending specialist to discuss how CBA’s rate lock4 feature can be used to help them secure either of the fixed rate offers.
“We have a range of tools and other support measures to help our customers manage their home loan repayments, including our new home loan change repayment tool, which helps our customers to synchronise their mortgage repayments with the day they are paid,” Group Executive, CBA Retail Banking’s Angus Sullivan added.
Terms and conditions
1The Term Deposit special offer is available to personal, SMSF and business customers. Financial institutions are excluded. It is available on balances from $5,000 to $1,999,999, with interest paid annually. CBA’s Term Deposits, rates and eligibility criteria are available here.
2We reserve the right to terminate this limited offer at any time. To apply for a Wealth Package, you must have an eligible home loan or line of credit with an initial package lending balance of at least $150,000 at the time of your application. A non-refundable annual fee of $395 is payable in advance. The package can be established in the name of one or two individual’s name/s, or in the name of a corporate entity. It cannot be established in the name of a business or family investment trust. Customers with Low Documentation loans are not eligible to apply for Wealth Package.
3Comparison rate calculated on a $150,000 secured loan over a 25-year term. WARNING: Comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Comparison rates for fixed Interest Only loans are based on an initial Interest Only period equal in length to the fixed period. During an Interest Only period, your interest only payments will not reduce your loan balance. This may mean you pay more interest over the life of the loan.
4The CommBank rate lock fee is $750. The rate lock fee is charged per fixed rate loan account in the application. Your rate will be locked in for 90 days after we charge the rate lock fee so if you settle within 90 days, your loan will fund at the locked in rate.
