Changes to Variable and Fixed Home Loan / Investment Home Loan Rates
The Commonwealth Bank today announced that it will cut its variable interest rate and fixed rates for home loans and investment home loans, as from Thursday 30 October 2008.
Interest rates for the following lending products (new and existing borrowings) will change from Thursday 30 October 2008:
Standard Variable Rates
ING DIRECT will reduce all residential variable mortgage interest rates by 0.20 percent per annum effective from 31 October 2008.
Fixed rates for 3, 4 and 5 year terms will reduce effective from 24 October 2008.
Decrease to Standard Variable Rate
Effective Friday 31 October 2008
St.George Bank is reducing its Standard Variable Home Loan Rate by 0.21 percent. BankSA will be reducing its Standard Variable Home Loan Rate by 0.26 percent.
Both rate reductions are effective Friday 31 October 2008 for both new and existing borrowers.
These variable home loan interest rate reductions will come as a welcome relief to many Australian families.
ANZ has announced a decrease to interest rates for variable rate mortgages by 0.25 percent per annum as a first step in delivering on its promise to pass on interest rate cuts as global market conditions ease.
This variable home loan interest rate change is in addition to the decrease of up to 0.80 percent per annum announced last week.
The new lower variable home loan interest rates will be effective Monday 27th October 2008
Following recent interest rate movements in the market, Commonwealth Bank is reducing its fixed interest rates on home loans and is lowering its Line of Credit Reference Rate by 0.80 percent.
Fixed interest rates are to be reduced by up to 1.55 percent effective Monday 20th October 2008