Commonwealth Bank Home Loans

Read on to learn more about some of CommBank’s key home loans and features.

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Summary

About Commonwealth Bank

Established in 1911 under the Commonwealth Bank Act, CommBank 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.

Commonwealth Bank (CommBank for short) is one of Australia’s “big four” banks, making them one of the top home loan 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.

CommBank offers a variety of financial products and services. This includes home loans, personal loans, savings accounts & term deposits, credit cards, superannuation and insurance.

What home loans does Commonwealth Bank offer?

CommBank has a range of home loan 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 interest 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 variable home loans

Provider Ad rate
p.a.
Comp rate*
p.a.
Monthly
repayments
 
Extra Home Loan OO P&I 80% 3.32% 3.33% $1,757 More details
Extra Home Loan Inv P&I 3.67% 3.68% $1,835 More details
Standard Variable Rate OO P&I 4.20% 4.71% $1,957 More details
Ad rate
p.a.
Comp rate*
p.a.
Monthly
repayments
Extra Home Loan OO P&I 80%
3.32% 3.33% $1,757
More details
Extra Home Loan Inv P&I
3.67% 3.68% $1,835
More details
Standard Variable Rate OO P&I
4.20% 4.71% $1,957
More details

Base criteria of: a $400,000 loan amount, variable home loans with an LVR (loan-to-value) ratio of at least 80%. Introductory rate products were not considered for selection. This table includes only a snapshot of the lender’s products, not all of them. Monthly repayments were calculated based on the selected products’ advertised rates, applied to a $400,000 loan with a 30-year loan term. *Rates correct as at 14 November 2019.

Commonwealth Bank fixed home loans

Provider Ad rate
p.a.
Comp rate*
p.a.
Monthly
repayments
 
3yrs Fixed Rate OO P&I 3.14% 4.51% $1,717 More details
2yrs Fixed Rate OO P&I 3.14% 4.64% $1,717 More details
2yrs Fixed Rate Inv P&I 3.59% 5.09% $1,817 More details
3yrs Fixed Rate Inv P&I 3.79% 5.09% $1,862 More details
Ad rate
p.a.
Comp rate*
p.a.
Monthly
repayments
3yrs Fixed Rate OO P&I
3.14% 4.51% $1,717
More details
2yrs Fixed Rate OO P&I
3.14% 4.64% $1,717
More details
2yrs Fixed Rate Inv P&I
3.59% 5.09% $1,817
More details
3yrs Fixed Rate Inv P&I
3.79% 5.09% $1,862
More details

Base criteria of: a $400,000 loan amount, fixed home loans with an LVR (loan-to-value) ratio of at least 80%. Introductory rate products were not considered for selection. This table includes only a snapshot of the lender’s products, not all of them. Monthly repayments were calculated based on the selected products’ advertised rates, applied to a $400,000 loan with a 30-year loan term. *Rates correct as at 14 November 2019.

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:

  1. By booking an appointment and apply in a CommBank brand
  2. Calling over the phone and speaking with a CommBank lending specialist
  3. Applying online using CommBank’s internet banking
  4. 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
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