Commonwealth Bank home loans

3.4
Based on 6,065 Commonwealth Bank home loan product reviews.
Fact Checked
Last updated

About CommBank home loans

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CommBank Digi Home Loan review

Digi Home Loan

  • LVR <60%
  • Owner Occupier
  • Principal and Interest
Interest rate
6.15 % p.a.
Variable
Comparison rate
6.28 % p.a.
Link not supplied
  • Competitive variable rate for refinancers

  • Manage your home loan through the CommBank app

  • Unlimited extra repayments and free redraws via CommBank app or NetBank.

  • Only available for refinancing, unless you have a 40% deposit (60% LVR)

  • Each month there’s a $10 fee, which eligible borrowers can recoup with CommBank Yello cashback

  • $500 in upfront fees.

Our verdict

If you’re a refinancer looking for a competitive rate, then CommBank’s Digi Home Loan could be one to watch. 

Interest rates for owner-occupiers with a 70-80% loan-to-value ratio (LVR) start at 6.19% p.a. (6.32% p.a. comparison rate*). However, borrowers refinancing to the Digi Home Loan who have 60% LVR may be eligible for an interest rate of 6.15% p.a. (6.28% p.a. comparison rate*). 

This is a digital home loan, meaning you’ll do the bulk of your loan application and management through the CommBank app or NetBank. Those services are also where you can take advantage of this product’s unlimited extra repayments and free redraw facility. 

When it comes to fees, the Digi Home Loan sits somewhere around the middle, in terms of pricing. Upfront fees will cost you about $500 ($300 application fee and $200 settlement fee) and there’s a monthly $10 loan service fee to take care of. 

Eligible CommBank Yello customers could make that monthly fee back, and then some, with the Yello cashback offer (T&Cs apply).

Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can compare more home loans here.
Last updated 4 December 2024 Important disclosures and comparison rate warning*

Commonwealth Bank home loans

  • Fixed Rate Home Loan

    • Owner Occupier
    • Principal & Interest
    Interest rate
    5.89 % p.a.
    Fixed 3 years
    Comparison rate
    7.79 % p.a.
    Initial monthly repayment
    $2,962
    Link not supplied

  • Fixed Rate

    • Owner Occupier
    • Principal & Interest
    Interest rate
    6.04 % p.a.
    Fixed 3 years
    Comparison rate
    8.11 % p.a.
    Initial monthly repayment
    $3,011
    Link not supplied

  • Fixed Rate Home Loan

    • Investment
    • Principal & Interest
    Interest rate
    6.09 % p.a.
    Fixed 3 years
    Comparison rate
    8.24 % p.a.
    Initial monthly repayment
    $3,027
    Link not supplied

  • Digi Home Loan

    • LVR <60%
    • Owner Occupier
    • Principal and Interest
    Interest rate
    6.15 % p.a.
    Variable
    Comparison rate
    6.28 % p.a.
    Initial monthly repayment
    $3,046
    Link not supplied

  • Fixed Rate

    • Investment
    • Principal & Interest
    Interest rate
    6.24 % p.a.
    Fixed 3 years
    Comparison rate
    8.55 % p.a.
    Initial monthly repayment
    $3,075
    Link not supplied

  • Digi Home Loan

    • LVR <60%
    • Investment
    • Principal and Interest
    Interest rate
    6.34 % p.a.
    Variable
    Comparison rate
    6.47 % p.a.
    Initial monthly repayment
    $3,108
    Link not supplied

  • Standard Variable Rate

    • Owner Occupier
    • Principal & Interest
    • LVR <60%
    Interest rate
    6.34 % p.a.
    Variable
    Comparison rate
    6.71 % p.a.
    Initial monthly repayment
    $3,108
    Link not supplied

  • Extra Home Loan

    • LVR <60%
    • Owner Occupier
    • Principal & Interest
    Interest rate
    6.44 % p.a.
    Variable
    Comparison rate
    6.45 % p.a.
    Initial monthly repayment
    $3,141
    Link not supplied

  • Standard Variable Rate

    • Investment
    • Principal & Interest
    • LVR <60%
    Interest rate
    6.54 % p.a.
    Variable
    Comparison rate
    6.91 % p.a.
    Initial monthly repayment
    $3,174
    Link not supplied

  • Extra Home Loan

    • LVR <60%
    • Investment
    • Principal & Interest
    Interest rate
    6.64 % p.a.
    Variable
    Comparison rate
    6.65 % p.a.
    Initial monthly repayment
    $3,207
    Link not supplied

  • Standard Variable Rate

    • Owner Occupier
    • Principal & Interest
    Interest rate
    8.80 % p.a.
    Variable
    Comparison rate
    8.95 % p.a.
    Initial monthly repayment
    $3,951
    Link not supplied

  • Standard Variable Rate

    • Investment
    • Principal & Interest
    Interest rate
    9.38 % p.a.
    Variable
    Comparison rate
    9.53 % p.a.
    Initial monthly repayment
    $4,161
    Link not supplied

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Commonwealth Bank home loan ratings

Overall customer rating for Commonwealth Bank home loans

3.4
Based on 6,065 product reviews.

Customer reviews

Important disclosures

Commonwealth Bank products

FAQs about CommBank home loans

Is the Commonwealth Bank good for home loans?

CommBank has a long history of helping people buy a home and they’re one of the largest lenders in Australia. That being said, Big Four home loans rarely offer the lowest rates in the market. But, if you’re comparing Big Four rates, CommBank are often rate leaders compared to Westpac, NAB, and ANZ interest rates.

How to redraw on a CommBank home loan

To make use of redraws on your CommBank home loan, you can use the CommBank app, the NetBank website, talk to a representative over the phone, or visit a CBA bank branch. 

On some CommBank home loans (e.g. the Digi Home Loan), redraws are free if you use their mobile application or NetBank. However, calling the bank or visiting them in-person could cost you a small fee to redraw your extra repayments.  

Will the Commonwealth Bank match interest rates?

If you apply for CommBank’s Standard Variable Rate Wealth Package, you may be able to negotiate your interest rate with one of their lending specialists. 

Does CommBank have an offset account?

The Commonwealth Bank only offers offset accounts on the following home loans:

  • CommBank Standard Variable Rate
  • CommBank Standard Variable Rate Wealth Package. 

Home loan quick links


* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

^See information about the Mozo Experts Choice Home Loan Awards

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