Commonwealth Bank cuts interest rates by 0.25% per annum effective August 14

The new Standard Variable Home Loan Rate is 5.9%.

The Commonwealth Bank announced it will reduce interest rates on both its Standard Variable Home Loan account and its Residentially-Secured Better Business Loan by 0.25 per cent per annum. The new Standard Variable Home Loan Rate is 5.90 per cent per annum.

In making this decision, the Group has continued to balance the interests of its home loan and business borrowers with those of its depositors, and people who either hold shares directly or own shares through their superannuation funds.

Matt Comyn, Group Executive Retail Banking Services said, “The Commonwealth Bank believes this is a balanced decision, and takes into account both domestic and offshore factors.”

The new rates will be effective for new and existing customers on Wednesday, 14 August 2013.