Commonwealth Bank of Australia, or CommBank, is a cornerstone of Australia's banking sector.
The founding member of the ‘big-four’ and still holding the crown as Australia’s largest bank, the Commonwealth Bank has around 16 million customers, employs 35,000 Australian workers, and has 659 branches, the largest branch network of any Australian bank.
It is also Australia's largest home lender, topping the ladder for both owner-occupier and investment home loans, with loan portfolios of $381 billion and $193 billion respectively, as at November 2024.
Its home lending book continues to grow in value, with CommBank choosing to focus on its proprietary channel to originate loans rather than the mortgage broker network.
In its first-half results for the 2025 financial year, released February 2025, two-thirds (66%) of CommBank's home loans originated through the bank itself.
What home loans does CommBank offer?
CommBank offers principal and interest (P&I) and interest-only (IO) home loans for both owner-occupiers and investors.
These home loans are available under the options of:
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Extra Home Loan
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Fixed Rate
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Standard Variable Rate
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Package Home Loan
Check out some of CommBank’s home loans for owner occupiers in the table below.
| Lender | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | Max LVR | Lump Sum Repayment | Extra Repayments | Split Loan Option | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
6.24% p.a. | 7.81% p.a. | $2,600 | Interest-only | Fixed | $0 | $0 | 95% | |||||||||||||
5.49% p.a. | 7.34% p.a. | $2,836 | Principal & Interest | Fixed | $0 | $0 | 95% | |||||||||||||
5.69% p.a. | 7.76% p.a. | $2,899 | Principal & Interest | Fixed | $0 | $0 | 95% | |||||||||||||
6.09% p.a. | 8.30% p.a. | $2,538 | Interest-only | Fixed | $0 | $0 | 95% | |||||||||||||
5.99% p.a. | 8.29% p.a. | $2,995 | Principal & Interest | Fixed | $0 | $0 | 95% | |||||||||||||
5.79% p.a. | 7.82% p.a. | $2,931 | Principal & Interest | Fixed | $0 | $0 | 95% | |||||||||||||
6.29% p.a. | 7.37% p.a. | $3,092 | Principal & Interest | Fixed | $0 | $0 | 95% | |||||||||||||
5.94% p.a. | 7.47% p.a. | $2,475 | Interest-only | Fixed | $0 | $0 | 95% | |||||||||||||
5.89% p.a. | 7.32% p.a. | $2,962 | Principal & Interest | Fixed | $0 | $0 | 95% | |||||||||||||
5.99% p.a. | 7.88% p.a. | $2,496 | Interest-only | Fixed | $0 | $0 | 95% |
Why choose a CommBank home loan?
Commonwealth Bank home loans account for around one in four home loans taken out in Australia, the most of any lender. In the first half of financial year 2025, CommBank financed 70,000 households to buy a home.
And this doesn't come down to size alone, according to a CommBank spokesperson.
“We are dedicated to helping Australians on their home-buying journey with a variety of flexible tools, competitive rates, and expert guidance,” the spokesperson told Savings.com.au.
“Our flexible home loan features are designed to help customers manage their loans better, pay less interest, and ultimately own their own homes faster."
The features include:
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multiple free offset accounts to reduce interest paid
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redraw options to access additional payments
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the ability to split loans between fixed and variable rates to suit individual circumstances
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repayment holidays (see more on home loan features below)
"Additionally, our Wealth Package offers customers discounts on their home loans," the spokesperson said.
Other home loan features include CommBank's Property Share which allows customers to split the cost of buying a home with family or friends while retaining control of their own finances. (See more on this below.)
The bank's Digi Home Loan is designed for tech-savvy customers who are happy with self-service, while still receiving the benefits of being a CommBank customer.
Features of CommBank home loans
Offset
Across CommBank’s home loan portfolio, Standard Variable Rate home loans are eligible for multiple offset accounts.
Redraw
CommBank offers one redraw facility per eligible Standard Variable Rate home loans and Extra home loans.
Split home loan options
CommBank offers the ability to split home loans into both variable and fixed rate options.
Top-ups
Standard Variable Rate home loans are eligible for top-ups. This means increasing the amount of the loan if you need to finance another major purchase, such as upgrading your car, renovating, taking a holiday, or consolidating debts. Borrowing extra on your home loan may be a good solution as home loan interest rates are generally lower than those offered on credit cards and personal loans. (Bear in mind, this will also likely raise your regular repayments.)
Repayment holiday
CommBank offers repayment holidays for customers whose financial circumstances may have changed. It means those facing financial hardship may be eligible to take a break from making repayments on their home loan, effectively allowing loans to be placed on hold.
Wealth Package
CommBank’s Wealth Package provides interest rate discounts and no establishment fees for eligible home loans for an annual package fee of $395 (as at March 2025).
The Wealth Package is currently available on:
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Standard Variable-Rate home loans
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1-5-year Fixed-Rate home loans
Green loans
CommBank offers Green loans to customers with an eligible owner occupier home loan or investment home loan.
Green loans are offered at a relatively low, 10-year fixed rate for household products to improve energy efficiency with:
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solar panels
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battery packs
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solar/heat pump hot water systems
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EV charging stations
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switching from gas to electric cooking
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other eligible smart energy home products
Property Share
CommBank’s Property Share option is designed to help customers looking for new ways to overcome the challenges of breaking into the housing market. Property Share allows multiple borrowers, usually family or friends, to split the cost of buying a property while keeping their other finances, ownership, and repayments separate.
Property Share is available for individuals, non-trading companies and/or family/unit/hybrid trusts who take out a Standard Variable Rate, Fixed Rate, or Extra home loan.
How is CommBank different from the other big four banks?
According to CommBank's marketing, Australia’s largest bank stands apart from its big four peers as it’s able to offer more flexibility and innovation.
“CommBank is reimagining banking for its customers, offering more value and Australia first solutions such as Green loans and Property Share,” a CommBank spokesperson said.
It offers as an example Home Hub, a feature within the CommBank app, to guide customers through the home buying process.
“Customers can understand their borrowing capacity, find a property, track their applications, and manage their home loans," the spokesperson said.
“Home-In is a digital conveyancing tool that guides customers through the process of buying and settling a home, coordinating all key steps and interactions between their lender and solicitor in one single hub."
As well, CommBank customers can be eligible for exclusive discounts through the bank's corporate partner network, including savings on the NBN and mobile plans through More, credit with energy retailer Amber Electric, and cashback payments.
Applying with CommBank
“CommBank continues to invest and enhance the home loan application experience, with current turnaround times one day for simple applications via specialist lenders and two days via a broker," a CommBank spokesperson said.
“We have also helped thousands of customers into their first homes under the government’s First Home Buyer Guarantee, Regional First Home Buyer Guarantee, and Family Home Guarantee schemes.
“Our data shows that through these schemes, our customers are buying property on average nearly five years earlier than they would if they saved the standard 20% deposit.”
Pre-approval with CommBank
CommBank encourages customers to contact a CommBank lender or broker online, in branch, or over the phone to discuss pre-approval before they make an offer on a property.
“Some customers can get conditional pre-approval within 15 minutes and are able to search for a property with confidence by getting an indication of what they are likely to be able to afford,” a CommBank spokesperson said.
“[But] it’s important to remember that final loan approval is dependent on an assessment of the customer’s financial position as well as the property they choose to purchase.”
Am I eligible for a CommBank home loan?
If you’re looking into applying for a CommBank home loan, eligibility requirements that must be met include:
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Applicants must be an Australian citizen or permanent resident.
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Applicants must be over the age of 18.
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Applicants must have a regular source of income.
How can I refinance with CommBank?
CommBank says switching your existing home loan to a CommBank home loan can be done in a few steps:
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Book an appointment with a lending specialist either online, over the phone, or through a CommBank branch.
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Complete your refinance application. For this you’ll need to provide:
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Your current loan balance and statements for each home loan being refinanced.
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If your loan is eligible for FASTRefi®, you’ll also need to sign some additional documents, and CommBank will deal with your current lender on your behalf.
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Once approved, review and sign your loan contract.
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If you're interested to see how Commonwealth Bank home loans stack up compared to other loans on the market, check the table below:
| Lender | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | Max LVR | Lump Sum Repayment | Extra Repayments | Split Loan Option | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
5.54% p.a. | 5.58% p.a. | $2,852 | Principal & Interest | Variable | $0 | $530 | 90% |
| Promoted | Disclosure | ||||||||||
5.49% p.a. | 5.40% p.a. | $2,836 | Principal & Interest | Variable | $0 | $0 | 80% |
| Promoted | Disclosure | ||||||||||
5.64% p.a. | 5.89% p.a. | $2,883 | Principal & Interest | Variable | $250 | $250 | 60% |
| Promoted | Disclosure | ||||||||||
5.64% p.a. | 5.89% p.a. | $2,883 | Principal & Interest | Variable | $248 | $350 | 60% |
| Disclosure |
First published on February 2022
Image by Camila Melo via Pexels.
Ready, Set, Buy!
Learn everything you need to know about buying property – from choosing the right property and home loan, to the purchasing process, tips to save money and more!
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Harry O'Sullivan
