New CommBank research that surveyed more than 1,000 people found almost 80% of homeowners said redraw and multiple offset accounts, together with flexible features like the ability to change repayments in an app or online, were critical to them and their needs.

The data shows there were subtle differences between what the different generations wanted from their next mortgage.

For Baby Boomers, one in two said a redraw facility was critical while 41% said the ability to change their repayments or loan type quickly and easily was important. 

Gen X had very similar priorities to Baby Boomers along with the desire for cashback offers, with two in five listing this as a priority.

“Often dubbed as ‘digital natives’, it’s hardly surprising to learn 32% of Gen Z homeowners labelled an app for managing your loan in one place as a key feature for their next home loan,” said Dr Michael Baumann, Commonwealth Bank’s Executive General Manager Home Buying.

“Interestingly, despite their desire for digital tools and features, this cohort also said support from their lending specialist was one of the factors they considered when choosing a future home loan.”

While flexibility was still a top consideration amongst younger homeowners, so too were digital tools.

“A home loan is a long-term commitment and it is clear from the research that homeowners are looking for a mortgage and lender that can evolve with them throughout their life,” Mr Baumann said.

“They’re looking for a loan and home lender that is flexible and provides them with the ability to make changes to suit their ever changing needs.”

With $117 billion in CommBank fixed rate home loans set to expire in 2023, many homeowners may seek out alternative lenders that offer more flexible options. 

Earlier this year, CommBank launched Unloan, a digital home loan product targeting refinancers by providing flexibility through fast approval times and loyalty discounts. 

Unloan CEO Daniel Oertli told most of the brand's applications can be approved in one to three days.

“Unloan has been specifically built not only to offer a great rate, and an increasing discount every year, but also a very fast and easy application process,” Mr Oertli said.

“For us, the application process is one of those lynchpins. We want to constantly work on making it faster and faster - it already can be completed in as little as 10 minutes."


Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.

Update resultsUpdate
LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsFeaturesLinkCompare
6.04% p.a.
6.06% p.a.
Principal & Interest
Featured 4.6 Star Customer Ratings
  • No monthly or ongoing fees
  • Unlimited free redraw
  • No application fee
5.99% p.a.
5.90% p.a.
Principal & Interest
Featured Apply In Minutes
  • No application or ongoing fees. Annual rate discount
  • Unlimited redraws & additional repayments. LVR <80%
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
6.09% p.a.
6.11% p.a.
Principal & Interest
Featured Unlimited Redraws
  • No annual fees - None!
  • Get fast pre-approval
  • Unlimited additional repayments free of charge
  • Redraw freely - Access your additional payments when you need them
  • Home loan specialists available today
Important Information and Comparison Rate Warning

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 be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. 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. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of . View disclaimer.

Image by Matt Donders via Unsplash

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