Following the Reserve Bank of Australia’s (RBA) decision to raise the official cash rate by 0.25% per annum (p.a.), CBA will increase interest rates across a number of its savings products, and will lift its home loan variable interest rates by 0.25% p.a. All savings and home loan variable rate changes announced today will be effective 16 June 2023.
New savings rates
- NetBank Saver1standard variable interest rate will increase by 0.25% p.a. to 2.20% p.a. The 5-month introductory variable interestrate will increase by 0.25% p.a. to 4.75% p.a.
- GoalSaverwith bonus interest rate will increase by 0.25% p.a. to 4.65% p.a., comprising a standard variable rate of 0.40% p.a. and bonus interest rate of 4.25%p.a.
- Youthsaverwith bonus interest rate will increase by 0.25% p.a. to 4.75% p.a., comprising a standard variable rate of 2.35% p.a. and bonus interest rate of 2.40% p.a.
Group Executive, Retail Banking, Angus Sullivan said: “The increases we are announcing today across our core savings products provide terrific opportunities for savers to make their money work harder for them.
“To help customers save, we have increased rates on our savings products, some by more than the RBA cash rate change. Forexample since May 2022 we have increased the GoalSaver with bonus rate from 0.25% pa to 4.65% p.a., effective 16 June 2023.
“Our savings products have different features and serve different purposes, so we encourage customers to speak to us if they need help to choose which product may be most suitable for them.
“To further support savers, we will also increase the 12-month Term Deposit special2 to 4.55% p.a., effective 16 June 2023.
“As part of our ongoing review of interest rates and market conditions, we are making changes to our Fixed Rate home loans including reductions to our Four Year and Five Year Fixed Rate home loan by as much as 0.40% p.a., effective 16 June 2023. These options may appeal to customers seeking to manage their future home loan repayments while cost of living pressures are rising.
“We know Australians are having to make tough choices when managing their money and we have a number of solutions available for customers who are experiencing hardship. We encourage any customer who is worried or experiencing financial difficulty to contact us by messaging us in the CommBank app as soon as possible, so they can be connected with the specialist to help find a solution that’s right for them” Mr Sullivan said.
Quick tips & tools to help you get on top of your finances:
- Visit our Cost of Living Support Hub to view a myriad of tools, tips and guidance all designed to help you navigate current cost of living pressures.
- Through Benefits finder in the CommBank app and NetBank, you can find benefits, rebates and concessions you might be entitled to. The extra money claimed could help you save money or pay for everyday expenses.
- Use our suite of budgeting tools to help manage your finances, including Money Plan in the CommBank app, which helps you to track your spending, stay on top of bills and set goals.
- Use 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.
- Use 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 spend compares to the budget you set yourself, to help you stay on track.
- Estimate how much your home loan repayments may increase via the home loan repayments calculator.
- Make the most of an offset account. An offset account is a transaction account linked to a standard variable interest rate home loan or investment home loan that can help you pay less interest over time. For customers looking to maximise the benefits of offsetting, we offer multiple offset accounts.
- Eligible customers can align their home loan repayments to when and how often they are paid via the Home Loan repayment change tool. Research suggests small changes, like aligning your home loan repayment day with your pay day, can make it easier to manage your finances.
- Consider how taking out a fixed rate home loan could give you greater certainty around your regular mortgage repayments. For more information, contact us in the CommBank app to be connected with a home lending specialist or visit our home loan interest rates page.
- Save on your everyday spending by checking Rewards in the CommBank app.
Fixed Rate home loan changes
Fixed Rate changes for owner occupiers paying principal and interest repayments:
- One Year Fixed Rate home loan, increased by 0.30% p.a. to 6.29% p.a. within package, with a comparison rate3 of 8.04% p.a., effective 16 June 2023
- Two Year Fixed Rate home loan, increased by 0.20% p.a. to 6.29% p.a. within package, with a comparison rate3 of 7.88% p.a., effective 16 June 2023
- Three Year Fixed Rate home loan, increased by 0.40% p.a. to 5.99% p.a. within package, with a comparison rate3 of 7.66% p.a., effective 16 June 2023
- Four Year Fixed Rate home loan, reduced by 0.30% p.a. to 6.29% p.a. within package, with a comparison rate3 of 7.62% p.a., effective 16 June 2023
- The Five Year Fixed Rate home loan, reduced by 0.40% p.a. to 6.29% p.a. within package, with a comparison rate3 of 7.51% p.a., effective 16 June 2023
Things you should know:
Media releases are prepared without considering an individual reader’s objectives, financial situation or needs. Readers should consider the appropriateness to their circumstances. VisitImportant Informationto access Product Disclosure Statements or Terms and Conditions which are currently available electronically for products of the Commonwealth Bank Group, along with the relevant Financial Services Guide. Target Market Determinations are availablehere. Loan applications are subject to credit approval. Interest rates are correct at the time they are published and are subject to change. Fees and charges may apply.
Our savings and home loan rate changes will become effective, as typical, within one week of each other.
1Any customer opening their first NetBank Saver from today will receive a variable introductory interest rate for the first 5months after account opening. The variable introductory rate is currently 4.50% p.a. (increasing to 4.75% p.a. from 16 June 2023), which includes a fixed bonus margin currently at 2.55% p.a. and the NetBank Saver standard variable interest rate, currently 1.95% p.a. (increasing to 2.20% p.a. from 16 June 2023). At the end of the introductory rate period, the NetBank Saver standard variable interest rate applicable at that time will apply. This introductory rate offer is available for a limited time only and the Bank reserves the right to terminate this offer at any time. The variable introductory interest rate will not apply to NetBank Saver accounts which are jointly owned where one of the account holders has previously held a NetBank Saver account.
2 The Term Deposit special offer is available to personal and SMSF customers. The offer is not available to all other Business customers (including Financial Institutions). It is available on balances from $5,000 to $1,999,999 with interest paid annually. CBA’s Term Deposits, rates and eligibility criteria areavailable here.
3 Comparison rate calculated on a $150,000 secured loan over a 25-year term. WARNING: Comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Comparison rates are inclusive of the 0.25% p.a. variable rate increase which will be effective 16 June 2023.
Go to CBA Newsroom for the latest news and announcements from Commonwealth Bank.