Following the Reserve Bank of Australia's (RBA) decision to decrease the official cash rate by 0.25% per annum (p.a.), CBA will decrease home loan variable interest rates by 0.25% p.a.
All home loan variable rate changes announced today will be effective 28 February 2025.
CBA's Group Executive, Retail Banking Services, Angus Sullivan said: "We know that cash rate increases have been challenging for our home loan customers and they are looking forward to some relief.
"We recognise some customers will continue to need support as they manage household budgets. We strongly encourage anyone who is experiencing hardship to contact us, so we can help with a solution that suits their circumstances.
"We are committed to ensuring our customers have the right tools, support and advice as they navigate this change. After today's interest rate changes are effective, eligible home loan customers may choose to reduce their mortgage repayments in line with the change to their variable rate via the CommBank app, NetBank, or by messaging us directly.
"For our savings customers, we continue to offer a range of options for those looking for both at call savings and term deposits. We will maintain our current 10-month term deposit special of 4.60% p.a. for a limited time."
Support for home loan customers
A range of support options are available for home loans customers. These include:
- Estimating how much home loan repayments will be via the home loan repayments calculator. You can also estimate the impact additional payments can make to your loan balance and duration.
- Changing the repayment amount and frequency of home loan payments. Eligible customers can reduce their mortgage repayments and align their repayment timing to when and how often they are paid via the CommBank app or NetBank.
A range of money management support and tools are available in the CommBank app. These include:
- Spend Tracker in the CommBank app to help categorise your debit and credit card transactions, making it easier to see the impact your spending decisions have on your everyday finances.
- Category budgets to set weekly, fortnightly or monthly budgets for different categories of your spending - from entertainment to transport, eating out and shopping. You can see how your spending compares to the budget you set yourself, to help you stay on track.
Go to CBA Newsroom for the latest news and announcements from Commonwealth Bank.
