7.4 / 10

based on 45882 Commonwealth Bank banking product reviews as rated by Mozo community

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 01 August, 2021. 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% for owner occupiers or 90% for investors. 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 ability to choose between weekly, fortnightly or monthly repayments. 

Home loan repayments calculator

years

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

3.64% p.a.

4.82% p.a.

$8.00 monthly

$800

2.34% p.a.

4.13% p.a.

$8.00 monthly

$800

2.74% p.a.

4.65% p.a.

$8.00 monthly

$800

2.54% p.a.

4.60% p.a.

$8.00 monthly

$800

Variable Rate Home Loans

CommBank offers a 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 a monthly and upfront fee on a CommBank standard 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 an option with no application fees, 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 (although there is an annual package fee to factor in). You can also say goodbye to annual fees on one eligible CommBank credit card

Home loan repayments calculator

years

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

3.49% p.a.

4.52% p.a.

$395.00 yearly

$200

2.19% p.a.

3.85% p.a.

$395.00 yearly

$200

2.59% p.a.

4.35% p.a.

$395.00 yearly

$200

2.39% p.a.

4.31% 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 95%, plus they also come jam packed with savings including discounted interest rates on your home loan. 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. You'll also have access to heaps of flexible features like unlimited free extra repayments, free redraws, repayment holidays, and access to an offset account. 

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 80% of your property’s value. You'll only need to pay interest on what you use, and the line of credit also comes with plenty of flexibility, such as the ability to choose when to make your repayments and how much you want to pay. Just don’t forget that you’ll have a monthly and upfront application fee to contend with.

Product Rate Comparison Rate Service fee Upfront fee

6.03% p.a.

n/a

$12.00 monthly

$800

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.

Deposit icon

Low deposit

Struggling to save up a deposit? With many Commonwealth Bank home loan options, you can borrow up to 95% of your property’s value, although be mindful that if you borrow more than 80%, you may have to pay Lenders Mortgage Insurance

Schedule 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.

Image of coins

Package discounts

Enjoy waived annual fees on your credit card when you bundle it 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

5926 Reviews

Recent Commonwealth Bank home loan reviews

Commonwealth Bank Fixed Rate
Overall 10/10
All good

All good

Read full review

All good

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Sunil, New South Wales, reviewed 20 days ago
Commonwealth Bank Home Loan
Overall 1/10
3 home loans , two savings accounts and a credit c

3 home loans, two savings accounts and a credit card with the Commonwealth Bank is not enough to warrant any kind of service so it seems - 3 attempts to call today - each call left on hold for more than 50 minutes - I am beyond frustrated - and all to simply increase my transfer limit for one transaction - too much to ask ? If you require any form of customer service by phone this is NOT the bank for you.

Read full review

3 home loans, two savings accounts and a credit card with the Commonwealth Bank is not enough to warrant any kind of service so it seems - 3 attempts to call today - each call left on hold for more than 50 minutes - I am beyond frustrated - and all to simply increase my transfer limit for one transaction - too much to ask ? If you require any form of customer service by phone this is NOT the bank for you.

Customer service
1/10
Convenience
1/10
Less
Vanessa, Victoria, reviewed about 1 month ago
Commonwealth Bank Home Loan
Overall 1/10
Poor communication

I requested for the statement on investment property from January till May. But I could find only statement from January-February. The response given by the lady over the phone was presented in such a way that will make you rely on her but the outcome is worse. Reliability and trust on the bank is shaken badly.

Read full review

I requested for the statement on investment property from January till May. But I could find only statement from January-February. The response given by the lady over the phone was presented in such a way that will make you rely on her but the outcome is worse. Reliability and trust on the bank is shaken badly.

Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Dj, Victoria, reviewed about 1 month ago
Commonwealth Bank Home Loan
Overall 1/10
Low customer care in CBA branch

The Customer Service in the branch is poor and they advise to contact 132224 for all queries on home loan.The information I received was that the home loan specialist in the branch deals only with new loans and do not discuss about existing loan. The customer Service on the phone do a great job and go through our loans and discuss about it.The email communication is poor and they don’t respond by emails to our queries. Overall the marking rate for CBA has gone down from before and trust on the Bank has decreased. Unable to recommend this bank to anyone in future due to the bad experience.

Read full review

The Customer Service in the branch is poor and they advise to contact 132224 for all queries on home loan.The information I received was that the home loan specialist in the branch deals only with new loans and do not discuss about existing loan. The customer Service on the phone do a great job and go through our loans and discuss about it.The email communication is poor and they don’t respond by emails to our queries. Overall the marking rate for CBA has gone down from before and trust on the Bank has decreased. Unable to recommend this bank to anyone in future due to the bad experience.

Customer service
1/10
Convenience
1/10
Trust
3/10
Less
Dj, Victoria, reviewed about 1 month ago
Commonwealth Bank Home Loan
Overall 1/10
Bad telephone conversation

There is no statement available on the net bank home loan with a higher amount. Does not show the balance after lump sum payment. As such statements are available for up to 7 years.Recently a worker from Commonwealth named Alex stated that I was eligible for 400,000 loan looking at the equity. Afterwards he transferred to another person Mukesh from Direct Lending Loan.He took all my information regarding my income and assets over the phone.Later he stated that me and my husband were not eligible to borrow any money after looking at our income. I don’t feel safe for having transferred all my information to Mukesh.I would prefer to file a complaint against Alex and Mukesh who chatted with me on the phone. Kindly let me know about the outcome. Don’t feel safe to continue our loan with CBA. DaisyJacob.

Read full review

There is no statement available on the net bank home loan with a higher amount. Does not show the balance after lump sum payment. As such statements are available for up to 7 years.Recently a worker from Commonwealth named Alex stated that I was eligible for 400,000 loan looking at the equity. Afterwards he transferred to another person Mukesh from Direct Lending Loan.He took all my information regarding my income and assets over the phone.Later he stated that me and my husband were not eligible to borrow any money after looking at our income. I don’t feel safe for having transferred all my information to Mukesh.I would prefer to file a complaint against Alex and Mukesh who chatted with me on the phone. Kindly let me know about the outcome. Don’t feel safe to continue our loan with CBA. DaisyJacob.

Customer service
3/10
Trust
3/10
Less
Dj, Victoria, reviewed about 1 month 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 ID, such as your driver's licence or passport.
  • Your income, including copies of your bank statements for the last three months, your most recent payslip, or an employment contract or letter from your employer. If you're self-employed, you'll need your most recent personal and business tax returns, the corresponding ATO Notice of Assessment and the last two years of business financial statements. 
  • Any other income from your investment property, the government or shares. 
  • Any savings, investments, credit cards or loans not held with CommBank. 
  • A Contract of Sale and your solicitor or conveyancer's name, address and contact details (if you've already found a property).
  • Formal building tender, plans and specifications (if you're building a home).

Home loan quick links