Commonwealth Bank will reduce interest rates by 0.25% per annum (p.a.) on eligible business lending products, following the Reserve Bank of Australia’s (RBA) decision to decrease the official cash rate by 0.25% p.a.
CBA’s Business Bank will be reducing interest rates across its Variable Base Rate, Residential Equity Rate, and Overdraft Reference Rate, by 25 basis points.
This reduction will apply to business lending products including Better Business Loans and Business Overdrafts. All business loan variable rate changes announced today will be effective 28 February 2025.
CBA Group Executive Business Banking, Mike Vacy-Lyle, said: “Businesses are the lifeblood of Australia’s economy, and they’ve shown remarkable resilience in what has been a challenging environment.
“While today’s rate reductions may provide some relief, we recognise some of our business customers are facing challenging times and we have a range of measures available for businesses facing difficulty, such as waiving merchant terminal rental fees and deferring repayments on business loans.
“We also recognise the importance of balancing the needs of business borrowers and business depositors, and we will continue to review our pricing and make further adjustments as required.”
For business deposit customers, CBA continues to offer a range of options for those looking for at call, notice deposit and term deposit products. CBA will be reducing the interest rate by up to 0.10% p.a. on the Business Online Saver product. The interest on 48 hours and 7-day notice Capital Growth Account remains unchanged.
Support for small businesses customers
A range of support options are available for business customers. These include:
- Deferred business loan repayments or debt restructuring.
- Free comprehensive cash flow tracking capabilities via a Business Cash Flow tool in the CommBank app.
- Bill Sense to help customers predicts future bills and our business insights tool called Daily IQ.
More information is available on our website and businesses seeking support can speak to their Relationship Manager or call CBA’s dedicated Business Financial Assistance team, available 24/7, on 13 26 07.
