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Bank announces .35bp interest rate rise

Monday 10th March 2008

Commonwealth Bank today announced the standard variable interest rate is to rise to 9.32% from Wednesday the 12th March 2008 for both new and existing customers.

The Reserve Bank of Australia lifted wholesale funding rates on Tuesday 4th March 2008 when they announced a 0.25% increase to the official cash rate.

The bank is raising the standard variable rate an additional 0.10% the reflect the continued cost of wholesale funding.

Fixed rates increased by between 0.15 and 0.25% while the line of credit residential equity rate increased by 0.40%

Most other lenders also lifted or are lifting their interst rates higher than the RBA increase at this time.