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Commonwealth Bank home loans

Chances are you already know the Commonwealth Bank - the yellow and gold bank with a CAN-do attitude. But did you know they have roots dating back in Australia to 1912 - yep CommBank is no spring chicken! Today it’s one of Australia’s big four banks, with over 1,100 branches and 4,300 ATMs all over the country. So if you want to take out a home loan with an established bank that’s certainly not going anywhere anytime soon - you may just have found your perfect match here.

What home loans do Commonwealth Bank offer?

Rates and fees verified as correct at 30 October, 2020. Other information correct at the time of writing. Advertiser disclosure.

Fixed Rate Home Loans

There are a couple of fixed rate home loan options on offer from the Commonwealth Bank, depending on whether you’re an owner occupier or an investor. Fixed rate loans are available for amounts beginning at $10,000 and LVRs up to 95%. You’ll pay both a monthly service fee and an upfront application fee, so make sure you balance that out by cashing in on the flexible features, like fee free extra repayments up to the value of $10,000 p.a. and the use of a partial offset account.

Home loan repayments calculator

years

Product Fixed 3 year rate Comparison Rate Service fee Upfront fee Monthly repayments ‡

3.54% p.a.

4.43% p.a.

$8.00 monthly

$800

2.44% p.a.

4.15% p.a.

$8.00 monthly

$800

3.04% p.a.

4.73% p.a.

$8.00 monthly

$800

2.84% p.a.

4.67% p.a.

$8.00 monthly

$800

Variable Rate Home Loans

CommBank offers a huge range of variable rate home loan options for homebuyers with an LVR of up to 95%, looking to borrow amounts starting at $10,000. Like the fixed rate alternative, you’ll pay both a monthly and upfront fee on a CommBank variable rate home loan - but in return, you can enjoy a host of flexible, money saving features. This includes unlimited fee free extra repayments, unlimited free redraws both online and over the counter and the full use of an offset account. Don’t like the look of those fees? There’s also a fee free option, although you won’t have the use of an offset account with this choice.

Home loan repayments calculator

years

Product Rate Comparison Rate Service fee Upfront fee Monthly repayments ‡

3.25% p.a.

2.91% p.a.

$0.00

$200

2.69% p.a.

2.70% p.a.

$0.00

$200

3.13% p.a.

3.14% p.a.

$0.00

$200

5.04% p.a.

4.88% p.a.

$8.00 monthly

$800

4.55% p.a.

4.70% p.a.

$8.00 monthly

$800

3.68% p.a.

3.34% p.a.

$0.00

$200

3.12% p.a.

3.13% p.a.

$0.00

$200

3.71% p.a.

3.37% p.a.

$0.00

$200

3.15% p.a.

3.16% p.a.

$0.00

$200

4.10% p.a.

3.77% p.a.

$0.00

$200

3.54% p.a.

3.55% p.a.

$0.00

$200

5.39% p.a.

5.37% p.a.

$8.00 monthly

$800

5.13% p.a.

5.28% p.a.

$8.00 monthly

$800

Fixed Package Home Loan

Snag a fixed rate Wealth Package home loan from the Commonwealth Bank to cut back on fees and keep your wallet plump and happy. With a Wealth Package home loan, you’ll enjoy a discount on your home loan interest rates, plus the monthly and upfront fees will be waived. You can also say goodbye to fees on your other CommBank products, including a range of different credit cards and bank accounts, plus enjoy discounts on various Comminsure insurance covers. Package home loans are available for loan amounts starting from $150,000 and LVRs lower than 90%.

Home loan repayments calculator

years

Product Fixed 3 year rate Comparison Rate Service fee Upfront fee Monthly repayments ‡

3.39% p.a.

4.12% p.a.

$395.00 yearly

$200

2.29% p.a.

3.87% p.a.

$395.00 yearly

$200

2.89% p.a.

4.55% p.a.

$395.00 yearly

$200

2.69% p.a.

4.38% p.a.

$395.00 yearly

$200

Variable Package Home Loan

Like the fixed rate option, variable rate Wealth Package home loans from CommBank are available for amounts starting at $150,000 and LVRs up to 90%, plus they also come jam packed with savings. You’ll cash in on discounted interest rates on your home loan, plus discounts on car, home and loan protection insurance covers. Fees will become a distant memory, as the monthly and upfront fees are waived on your home loan, along with fees on a range of CommBank credit cards and everyday transaction accounts.

Home loan repayments calculator

years

Product Rate Comparison Rate Service fee Upfront fee Monthly repayments ‡

4.34% p.a.

4.42% p.a.

$395.00 yearly

$200

3.85% p.a.

4.27% p.a.

$395.00 yearly

$200

4.69% p.a.

4.90% p.a.

$395.00 yearly

$200

4.43% p.a.

4.84% p.a.

$395.00 yearly

$200

Line of Credit

Whether you’re renovating or buying an investment property, you can reach your goals with a line of credit home loan from the Commonwealth Bank. Available from $20,000 a CommBank line of credit home loan allows you to borrow up to 95% of your property’s value. You’ll be able to access your free redraw facility via a range of methods, including ATM, EFTPOS, debit or credit card, BPAY, online, over the telephone or in a branch. Just don’t forget that you’ll have a monthly and upfront fee to contend with.

Product Rate Comparison Rate Service fee Upfront fee

6.03% p.a.

n/a

$12.00 monthly

$800

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.

‡ Results from this calculation are estimates only as individual lenders apply different formulas. Actual repayments will depend on your individual circumstances and interest rate changes.

Commonwealth Bank home loan features in a glance

Repayment Icon

Extra repayments

With a CommBank home loan you can pay off your home loan faster thanks to the extra repayments facility. But keep in mind, while you can make as many additional payments as you like with its variable rate loans, extra repayments are capped at a value of $10,000 p.a with the fixed rate alternatives.

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Low deposit

Struggling to save up a deposit? With most Commonwealth Bank home loan options, you can borrow up to 95% of your property’s value, whether you’re an owner occupier or investor.

Repayment Icon

Flexible repayment schedule

CommBank’s flexible repayment schedule allows you to match up your repayments to when you receive your salary either weekly, fortnightly or monthly.

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Package discounts

Enjoy discounted fees on credit cards, insurance and everyday banking accounts when you bundle them with your CommBank home loan into a Wealth Package. Plus, enjoy discounted package interest rates to boot!

How are Commonwealth Bank home loans rated?

Mozo users have rated Commonwealth Bank home loans on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.

Icon of home-loans
Commonwealth Bank home loans
Overall
6.8/10
Price
Features
Customer service
Convenience
Trust

5837 Reviews

Recent Commonwealth Bank home loan reviews

Commonwealth Bank Standard Variable Rate review
Overall 9/10
Very satisfied!

Great service, friendly staff. Easy to use online banking. Would thoroughly recommend!

Read full review

Great service, friendly staff. Easy to use online banking. Would thoroughly recommend!

Price
10/10
Features
8/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Anita, Western Australia reviewed about 7 hours ago
Commonwealth Bank Home Loan review
Overall 9/10
Friendly efficient staff.

Friendly efficient staff. Hassle free.

Read full review

Friendly efficient staff. Hassle free.

Price
8/10
Features
8/10
Customer service
10/10
Convenience
9/10
Trust
9/10
Less
Tracey, South Australia reviewed 8 days ago
Commonwealth Bank Home Loan review
Overall 8/10
Easy to understand bank.

CommBank has the best app and is extremely easy to maneuver around or change things. That's what I like most about the bank. The only downfall is that they can't / won't match cheaper interest rates.

Read full review

CommBank has the best app and is extremely easy to maneuver around or change things. That's what I like most about the bank. The only downfall is that they can't / won't match cheaper interest rates.

Price
3/10
Features
10/10
Customer service
8/10
Convenience
10/10
Trust
10/10
Less
Tahlia, Queensland reviewed 12 days ago
Commonwealth Bank Standard Variable Rate (Wealth Package) review
Overall 7/10
It has big bank security, but how ethical is it?

We like the bank because they are one of the big banks which gives you a sense of security. Also, when we have contacted them to negotiate on our home loan interest rate, they have always been open to discussing this. The cons are a sense of distrust for any big bank and their values. We have been thinking of switching to a more ethical bank.

Read full review

We like the bank because they are one of the big banks which gives you a sense of security. Also, when we have contacted them to negotiate on our home loan interest rate, they have always been open to discussing this. The cons are a sense of distrust for any big bank and their values. We have been thinking of switching to a more ethical bank.

Price
9/10
Features
6/10
Customer service
6/10
Convenience
8/10
Trust
9/10
Less
Alison, Victoria reviewed 12 days ago
Commonwealth Bank Fixed Rate Home Loan (Wealth Package) review
Overall 10/10
Happy with CommBank. Australia's no.1 bank!

- Paying a low interest rate. - All accounts for both myself and husband are used as offset accounts therefore saving lots on interest and security that we have our own money in our account if needed. - Can easily access and review via CommBank app. - Great customer service.

Read full review

- Paying a low interest rate. - All accounts for both myself and husband are used as offset accounts therefore saving lots on interest and security that we have our own money in our account if needed. - Can easily access and review via CommBank app. - Great customer service.

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Figen, Victoria reviewed 18 days ago

What do you need to apply for a Commonwealth Bank home loan?

Is a CommBank home loan right for you? If the answer is yes, you can apply online or in branch, and you can also make an appointment to speak to a home loan specialist before you start. When you apply, make sure you have details handy about:

  • Your personal finances, including expenses, assets and debts
  • Your employment and salary
  • The second applicant (if you’re applying with someone else)
  • The property you’re going to buy (if you’ve found it already)

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