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Your journey begins here when the average home loan rate across the four major lenders was 8.66%
Back then, your loan with Commonwealth Bank could have been costing you around 25,860 per year in interest.
In July 2009, Commonwealth Bank's interest rate had changed to 5.24%.
At that time, this was the lowest interest rate of the major lenders considered.
Less than a year later, in July 2009, Commonwealth Bank's interest rate had changed to 5.24%
At that time, this was the highest interest rate of the major lenders considered.
2 days later, Commonwealth Bank increased their interest rate by 0.45% - almost double the RBA cash rate change.
On average, over the last 5 years, Commonwealth Bank passed on a rate increase in 4 days but took 9 days to pass on a cut.
Commonwealth Bank only passed on the full rate cut 6 out of those 12 times.
In comparison to the most competitive lender identified by the Australian Lenders' Index Commonwealth Bank's interest rate movements may have cost you an additional $8,000 in interest and monthly fees over the past 5 years.
Commonwealth Bank's price on loyalty.
For the first time ever and their network of brokers are able to reveal insights into the historical interest rate performance of lenders.
To find out which lenders have offered the most competitive rate over the last five years, call (1300 466 356) or simply fill out your details below:
This test is based on the standard variable professional pack interest rate of lenders compared and has certain assumptions that may not hold true to all situations and circumstances. Interest Rates and Fees may vary over the life of the loan. Past interest rate performance is not necessarily indicative of future interest rate performance. Loan Switching Costs have not been considered and may vary with each lender. Potential Savings are based the assumption that your loan has a 30 year term and interest calculated monthly.