Commonwealth Bank announced it will reduce interest rates on Standard Variable Rate (SVR) home loans by 0.25% per annum.
The new rate for CBA’s Owner Occupied Principal and Interest Standard Variable Rate home loan is 5.12% per annum.
“We have carefully considered the RBA rate decision and the current funding environment, together with how we continue to meet our regulatory commitments, capital requirements, and community expectations,” Angus Sullivan Group Executive Retail Banking Services said.
By reducing the standard variable home loan rate by 0.25%, the minimum required monthly repayment amount will reduce by $62 a month, based on a mortgage of $400,000 for Owner Occupiers paying Principal and Interest.
Customers who have questions regarding the rate change are encouraged to speak with their local CBA home lending specialist.
“Our home lending specialists are on hand to review our customers’ home loan options free of charge and ensure their arrangements remain appropriate for their circumstances,” Mr Sullivan said.
The new SVR will take effect from 25 June 2019.