Following the Reserve Bank of Australia’s (RBA) decision to raise the official cash rate by 0.25% per annum (p.a.), CBA will lift its home loan variable interest rates by 0.25% p.a., effective 11 November.
In addition, the bank will lift the interest rates across a number of its savings products.
New savings rates
- NetBank Saver standard variable interest rate will increase by 0.25% p.a. to 1.35% p.a. The 5-month introductory variable rate will increase by 0.50% p.a. to 3.50% p.a., effective 11 November.
- GoalSaver with bonus interest rate will increase by 0.30% p.a. to 2.70% p.a., effective 11 November.
- Youthsaver with bonus interest rate will increase by 0.30% p.a. to 2.90% p.a., effective 11 November.
Group Executive, Retail Banking, Angus Sullivan said: “We are committed to helping our customers navigate the current environment, which is why we are once again increasing the interest rates across a variety of our savings products.”
To further support savers, CBA will increase a number of Term Deposit interest rates, including its 12-month Term Deposit by 0.40% to 3.75% p.a. The bank will also increase its 18-month Term Deposit special to 4.00% p.a. These Term Deposit rates1 will be effective 7 November.
In addition, Mr Sullivan said the bank was looking at other ways it can help support customers mitigate cost of living pressures.
“We’ve recently launched a new Cost of Living Support Hub to provide our customers with easy access to a one-stop-shop of tools, tips and guidance to help them manage cost of living pressures,” he said.
“Some of the different tools highlighted via the hub include Spend Tracker and Money Plan, which can help customers keep track of their spending and saving. Bill Sense is another great tool which helps customers predict their future bills and manage their regular repayments. The Hub also highlights our variety of flexible home loan features, including redraw and offset facilities, as well as our Home Loan Repayment Change tool, which allows eligible customers to align their home loan repayments to when and how often they are paid.
“Further, and through our partnership with local telecom provider More, retail customers can now access some of the cheapest mobile SIM plans and NBN services in the market, with discounts of up to 30% off their 4G and 5G mobile SIM plans and NBN services – providing customers with mobile plans starting from as low as $15.40 per month2, and NBN plans from as low as $46.20 per month3. Also, from 1 November, customers who sign up for an eligible new More mobile plan can enjoy double data for the next six months4.
“We understand the rapidly changing rate environment may raise questions for some of our customers and we are here to help them. We encourage our customers to message us in the CommBank app to explore different support options or to connect with a specialist.”
CommBank offers an array of tools and features designed to help Australians navigate the current environment.
Nine customer tools and tips
- Visit our Cost of Living Support Hub to view a myriad of tools, tips and guidance all designed to help you navigate the current cost of living pressures.
- 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 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 commbank.com.au/home-loans/interest-rates
- Save on your everyday spending by checking Rewards in the CommBank app.
Where you can access help
- If you are concerned about your financial situation, message us at any time in the CommBank app and we will connect you with our Financial Assistance Solutions Team.
- We also encourage you to speak with us about how we can support you via our extensive network of lending specialists.
Things you should know:
Media releases are prepared without considering an individual readers objectives, financial situation or needs. Readers should consider the appropriateness to their circumstances. Visit Important Information to 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 available here. 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.
1 The Term Deposit special offer is available to personal, SMSF and business customers. Financial institutions are excluded. It is available on balances from $5,000 to $1,999,999, with interest paid annually. CBA’s Term Deposits, rates and eligibility criteria are available here.
2 Offer of 30% off a More Mobile SIM only plan for 12 months is for customers who complete the sign up by 30 June 2023 and use a CommBank Debit or Credit card as their online bill payment method. This offer is a once-off annual discount to be applied on a monthly basis over a period of 12 months. The 12 months is a promotional period and commences from the day that your mobile services is activated. After this the cost of your plan will revert to the Recommended Retail Price (RRP) current at that time, subject to an ongoing monthly discount of 10% off the RRP of your plan as long as you use a CommBank Debit or Credit card as your online bill payment method. The RRP of More mobile plans are subject to change in accordance with More’s terms of service. This offer is on a no fixed term contract and you are free to cancel at any time without charges. However, cancelling your service within the 12 month promotional period will forfeit any remaining months discounted at 30% off. All discounts available with this offer apply to monthly plan fees and do not apply in relation to any handset charges or any fees in respect of additional services or usage outside of plan inclusions. If you sign up, More will be your service provider for your mobile SIM and will handle all technical enquiries, complaints and servicing. The provision of your mobile service will be subject to More’s standard terms or service and policies, which are available on the More website. CommBank reserves the right to remove this offer at any time.
3 Offer of 30% off a More nbn™ plan for 12 months is for customers who complete the sign up and switch providers by 30 June 2023 and use a CommBank Debit or Credit card as their online bill payment method. This offer is a once off annual discount to be applied on a monthly basis over a period of 12 months. The 12 months is a promotional period and commences from the day that your nbn™ service is activated on the nbn™ network. After this the cost of your plan will revert to the Recommended Retail Price (RRP) current at that time, subject to an ongoing monthly discount of 10% off the RRP of your plan as long as you use a CommBank Debit or Credit card as your online bill payment method. The RRP of More nbn™ plans are subject to change in accordance with More’s terms of service. This offer is on a no fixed term contract and you are free to cancel at any time without charges. However, cancelling your service within the 12 month promotional period will forfeit any remaining months discounted at 30% off. All discounts available with this offer apply to monthly plan fees and do not apply in relation to any modem charges, nbn™ New Development Fee or New Copper Pair charges or any fees in respect of additional services or usage. If you sign up, More will be your service provider for your nbn™ and will handle all technical enquiries, complaints and servicing. The provision of your nbn™ service will be subject to More’s standard terms of service and policies, which are available on the More website. CommBank reserves the right to remove this offer at any time.
4 The offer of double data for 6 months is for customers who sign up for an eligible new More mobile plan between 1 November 2022 and 31 January 2023 (Offer Period) and maintain an eligible mobile plan for at least 6 months from the date of activation.
