Powered by MOMENTUM MEDIA
realestatebusiness logo

Subscribe to our newsletter

CBA lifts variable rates by 26 basis points

All four major banks have decided to hike their variable rate home loans after Australia’s biggest bank announced changes this afternoon.

Commonwealth Bank today announced that its standard variable rate for interest only investment home loans will increase by 26 basis points to 5.94 per cent per annum. The SVR for principal and interest investment loans will increase by 24 basis points to 5.80 per cent per annum.

CBA’s standard variable rate for owner-occupier home loan customers repaying principal and interest will increase 3 basis points to 5.25 per cent per annum. Owner-occupiers on an interest-only mortgage will see their SVR increase 25 basis points to 5.47 per cent.

The standard variable rate for interest only owner-occupier home loans will increase by 25 basis points to 5.47 per cent per annum.

“Rising costs and regulatory responsibilities mean we are increasing home loan interest rates. We have sought to minimise the impact for the majority of our home loan customers who are Australian families trying to pay off their home,” CBA group executive for retail banking services Matt Comyn said.

Advertisement
Advertisement

“These changes don’t come into effect until 8 May, giving people enough time to speak to one of our home lending specialists to review their current repayments,” he said.

“We encourage customers to switch to principal and interest, where this meets their needs, so that they can continue to enjoy historically low rates.

“Customers can switch repayments at no cost, simply and easily online or over the phone. Or they can speak with one of our home lending specialists.”

These new rates are effective from 8 May 2017.

[Related: Westpac hikes rates by up to 117 basis points]

CBA lifts variable rates by 26 basis points
mortgagebusiness

Latest News

Over four in 10 home owners are using the equity in their home to get ahead on their mortgage, a NAB survey has found. ...

Less than five months after its business and agribusiness divisions were joined, the banking group has appointed the conglomerate’s first...

The mutual bank has expanded its partnership with NextGen in a bid to establish a complete end-to-end origination and assessment process. ...

VIEW ALL

Join Australia's most informed brokers

Do you know which lenders are providing brokers and their customers with the best service?

Use this monthly data to make informed decisions about which lenders to use. Simply contribute to the survey and we'll send you the results directly to your inbox - completely free!

Do you think the new NSW property tax will help or hinder first home buyers?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.