Thu, 2008-04-10 10:42 — Guest

Commonwealth Bank have announced they are continuing to experience significant increases in the cost of funds, as a result of sustained market volatility. The announcement states that while Commonwealth continue to absorb some of these costs, it has become necessary to pass on a proportion of these costs through increasing the interest rate on a range of fixed rate home loan products.
These rates apply to all new fixed rate loans, and are effective Monday 14 April 2008.
Commonwealth 1 Year Guaranteed Rate and Fixed Rates will change as follows:
1 Year Guaranteed Rate + 0.30 percent increase
1 Year Fixed Rate + 0.30 percent increase
2 Year Fixed Rate + 0.20 percent increase
3 Year Fixed Rate + 0.20 percent increase
4 Year Fixed Rate + 0.20 percent increase
5 Year Fixed Rate + 0.20 percent increase
7 Year Fixed Rate + 0.20 percent increase
10 Year Fixed Rate + 0.20 percent increase
15 Year Fixed Rate + 0.20 percent increase
NOTE: The notice period for fixed interest rate changes will remain at 2 days. For this rate change, effective 14 April 2008, we will accept requests for Rate Lock during the notice period.
Interest rates are changing quite regularly in this current environment, and Ability Finance recommend that Rate Lock is discussed with all customers considering a fixed rate or fixed and variable rate (split) home loan.