Commonwealth Bank Home Loans
Established in 1911 under the Commonwealth Bank Act, Commonwealth Bank (CommBank for short) was the first Australian bank to get a federal government guarantee. It opened its first branch in Melbourne in 1912, and today has more than 1,100 branches across the country, as well as international branches in Asia, New Zealand, North America, and Europe.
CommBank offers a variety of financial products and services. This includes home loans, personal loans, savings accounts & term deposits, credit cards, superannuation and insurance.
CommBank is one of Australia's “big four” banks, making them one of the top mortgage lenders in the country. CommBank provides home loan products suitable for a wide range of home buyers and investors. Thousands of branches and ATM's nationwide as well as an award-winning mobile banking platform make Commonwealth Bank a primary mortgage lender in Australia.
Read on to learn more about some of CommBank's key mortgages and features.
Compare Commonwealth Bank Mortgage Rates
Lender | Advertised rate | Comparison rate | Monthly repayment | Rate Type | Offset | Redraw | Ongoing Fee | Upfront Fees | LVR | Lump Sum Repayment | Additional Repayments | Pre-approval | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Fixed | More details | ||||||||||||
Fixed Rate Home Loan (Principal and Interest) 2 Years | |||||||||||||
| Fixed | More details | ||||||||||||
Fixed Rate Home Loan (Principal and Interest) 1 Year | |||||||||||||
| Variable | More details | ||||||||||||
Extra Home Loan (Principal and Interest) (LVR 70%-80%) | |||||||||||||
| Fixed | More details | ||||||||||||
Fixed Rate Investment Loan (Interest Only) 1 Year | |||||||||||||
| Variable | More details | ||||||||||||
| FEATUREDLIMITED TIME OFFER | Smart Booster Home Loan Discounted Variable - 1yr
| ||||||||||||
Smart Booster Home Loan Discounted Variable - 1yr
| |||||||||||||
Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to made on variables as selected and input by the user. All products will list the LVR with the product and rate which are clearly published on the Product Provider’s web site. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *Comparison rate is based on a loan of $150,000 over a term of 25 years. Please note the comparison rate only applies to the examples given Rates correct as of September 25, 2021. View disclaimer.
What home loans does Commonwealth Bank offer?
CommBank has a range of mortgage products suitable for all sorts of buyers, including first home buyers, renovators, refinancers, and investors. CommBank also offers a variety of interest rate options such as principal and interest home loans, interest-only home loans, variable interest rates, fixed rate and split loans.
Commonwealth Bank home loan rates
Commonwealth Bank has a complete list of its interest rates on its website here for:
- A Standard Variable Rate home loan
- A Fixed Rate home loan
- The Viridian Line of Credit (a line of credit home loan)
- The Extra home loan, a loan with a low introductory rate
- Packaged home loans
Commonwealth Bank home loan features
Commonwealth Bank home loans offer a full range features such as:
- Offset accounts: Certain products allow you to link offset accounts to your mortgage
- Redraw facility: Gives you the ability to access the additional repayments you made on your loan
- Unlimited additional repayments: You can make additional repayments so you can pay off your mortgage sooner.
- Split loans: Splitting your home loan means you can divide your loan into multiple parts, where a portion of the loan can be fixed and the other portion can have a variable interest rate
- Repayment frequency: You can set you up your repayments to be made weekly, fortnightly or monthly
- Wealth packages: Interest rate discounts and no establishment fees for eligible home loans.
These features are not available on every home loan - check the T's and C's to see what each home loan has.
Commonwealth Bank home loan pre-approval
A home loan pre-approval can give you an idea of how much you can borrow. CommBank offers conditional pre-approval on its home loans and you can apply online, over the phone, or make an an appointment to talk to a lending specialist. Before applying for conditional pre-approval it's good to have an idea of the price range of properties you're interested in, how much of your deposit you have saved, your income, and your living expenses.
If you're conditionally pre-approved for a mortgage, CommBank will verify your financial position and then provide formal approval.
How to apply for a Commonwealth Bank mortgage
To apply for a mortgage with Commonwealth Bank, you need to make sure that you meet their eligibility criteria. You must:
- Be above 18 years of age
- Be an Australian resident
- Have a regular source of income
If you meet the criteria and are ready to apply, you can apply for a Commonwealth Bank home loan in multiple ways:
- By booking an appointment and apply in a branch
- Calling over the phone and speaking with a lending specialist
- Applying online using internet banking
- Contacting a mortgage broker
Documents needed
When you’re ready to apply for a mortgage, you’ll be required to submit documents. You will need to prepare:
- Identification documents such as your driver's license, passport, birth certificate etc.
- Proof of income like your most recent payslips or most recent tax returns if you’re self-employed
- Your most recent tax returns showing your ownership of the rental property, if you earn a rental income
- Monthly living expenses, including your food expenses, transport, utilities, health care etc.
- Asset and liability documents, such as credit card debts
- If you own an existing property, you’ll need to show your current building insurance policy or contract of sale as proof
- Loans and savings documents that are not with Commonwealth Bank
- If you're refinancing, you’ll need to have six months’ worth of statements on your current mortgage
Commonwealth Bank Frequently asked questions
How long does it take for Commonwealth Bank to process my home loan application?
It can take up to several weeks for your home loan application to be processed as the bank needs to verify your identity, assess your finances and transfer security of the property. According to Commonwealth Bank, many loans take between 4-7 business days to be assessed, depending on the complexity of your mortgage application.
Pre-approval usually takes less time than unconditional approval, but speak to a Commonwealth Bank lending specialist for more information on your application.
How does Commonwealth Bank verify my identity?
Commonwealth Bank can verify your identity electronically using the personal details you have provided in your application, but you can also fill out their Customer Identification Verification form.
Why was my home loan application unsuccessful?
Your home loan application can be unsuccessful if you don't meet the eligibility criteria or haven't supplied all the documentation required for the process to move forward.
Considering other lenders? Compare home loans with these low-rate offers for owner occupiers:
Lender | Advertised rate | Comparison rate | Monthly repayment | Rate Type | Offset | Redraw | Ongoing Fee | Upfront Fees | LVR | Lump Sum Repayment | Additional Repayments | Pre-approval | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Variable | More details | ||||||||||||
| FEATUREDLIMITED TIME OFFER | Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)
| ||||||||||||
Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)
| |||||||||||||
| Fixed | More details | ||||||||||||
| NO UPFRONT OR ONGOING FEES | Basic Home Loan Fixed (Principal and Interest) (LVR < 70%) 3 Years | ||||||||||||
| Variable | More details | ||||||||||||
| FEATURED100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES | Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)
| ||||||||||||
Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)
| |||||||||||||
Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to made on variables as selected and input by the user. All products will list the LVR with the product and rate which are clearly published on the Product Provider’s web site. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. Rates correct as of September 25, 2021. View disclaimer.
Commonwealth Bank home loan features
Commonwealth Bank home loans offer a full range features such as:
- Offset accounts: Certain products allow you to link offset accounts to your home loan
- Redraw facility: Gives you the ability to access the additional repayments you made on your loan
- Unlimited additional repayments: CommBank allows you to make additional repayments so you can pay off your home loan sooner
- Split loans: Splitting your home loan means you can divide your loan into multiple parts, where a portion of the loan can be fixed and the other portion can have a variable interest rate
- Repayment frequency: You can set you up your repayments to be made weekly, fortnightly or monthly
- Wealth packages: CommBank offers interest rate discounts and no establishment fees for eligible home loans.
These features are not available on every Commbank home loan – check the T’s and C’s to see what each home loan has.
How to apply for an ANZ home loan
Eligibility criteria
To apply for a home loan with Commonwealth Bank, you need to make sure that you meet their eligibility criteria. You must:
- Be above 18 years of age
- Be an Australian resident
- Have a regular source of income
If you meet the criteria and are ready to apply, you can apply for a Commonwealth Bank home loan in multiple ways:
- By booking an appointment and apply in a CommBank brand
- Calling over the phone and speaking with a CommBank lending specialist
- Applying online using CommBank’s internet banking
- Contacting a mortgage broker
Documents needed
When you’re ready to apply for a Commbank home loan, you’ll be required to submit documents. You will need to prepare:
- Identification documents such as your driver’s license, passport, birth certificate etc.
- Proof of income like your most recent payslips or most recent tax returns if you’re self-employed
- Your most recent tax returns showing your ownership of the rental property, if you earn a rental income
- Monthly living expenses, including your food expenses, transport, utilities, health care etc.
- Asset and liability documents, such as credit card debts
- If you own an existing property, you’ll need to show your current building insurance policy or contract of sale as proof
- Loans and savings documents that are not with Commonwealth Bank
- If you’re refinancing, you’ll need to have six months’ worth of statements on your current home loan
