The Commonwealth Bank announced that it was cutting its variable rate home loan interest rates by 0.25% pa. The new rates will be effective from Monday 8 September 2008 for new and existing customers.
          Owner occupied and investment home loan interest rates will decrease as follows:
          Old Rate % pa New Rate % pa Change
          Complete Home Loan Variable Rate
          9.58 9.33 -0.25%
          Economiser (Base Variable Rate) 
          9.07 8.82 -0.25%
          Variable interest rates on some business loans will also decrease by 0.25% pa, effective Monday 8 September 2008.
          Customers are encouraged to review their financial position and budgeting in light of the changes in interest rates to ensure that their arrangements remain appropriate for their circumstances. Customers wishing to reduce their repayments to reflect the interest rate reduction or who are seeking some financial advice should contact their branch or our home loan hotline on 13 22 24.

          --www.theasianbanker.com (September 3 2008)--