CommBank passes on full rate cut

The Commonwealth Bank will reduce interest rates on both its Standard Variable Home Loan account and its Residentially-Secured Better Business Loan by 0.25 per cent per annum. The new Standard Variable Home Loan Rate is 5.90 per cent per annum.

Matt Comyn, Group Executive Retail Banking Services said, “The Commonwealth Bank believes this is a balanced decision, and takes into account both domestic and offshore factors.”

The new rates will be effective for new and existing customers on Wednesday, 14 August 2013.