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.
Rates and fees verified as correct at 18 November, 2019. Other information correct at the time of writing.
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.
| Product | Fixed 3 year rate | Comparison Rate* | Service fee | Upfront fee | Monthly repayments ‡ |
|---|---|---|---|---|---|
| 3.94% p.a. | 5.33% p.a. | $8.00 monthly | $800 | ||
| 3.79% p.a. | 5.10% p.a. | $8.00 monthly | $800 | ||
| 3.94% p.a. | 5.08% p.a. | $8.00 monthly | $800 | ||
| 3.14% p.a. | 4.51% p.a. | $8.00 monthly | $800 |
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.
| Product | Rate | Comparison Rate* | Service fee | Upfront fee | Monthly repayments ‡ |
|---|---|---|---|---|---|
| 4.08% p.a. | 4.10% p.a. | $0.00 | $200 | ||
| 3.52% p.a. | 3.54% p.a. | $0.00 | $200 | ||
| 3.22% p.a. | 3.24% p.a. | $0.00 | $200 | ||
| 4.23% p.a. | 4.25% p.a. | $0.00 | $200 | ||
| 3.67% p.a. | 3.69% p.a. | $0.00 | $200 | ||
| 3.32% p.a. | 3.34% p.a. | $0.00 | $200 | ||
| 3.88% p.a. | 3.90% p.a. | $0.00 | $200 | ||
| 4.13% p.a.variable for 24 months and then 4.94% p.a. | 4.81% p.a. | $0.00 | $200 | ||
| 3.57% p.a.variable for 24 months and then 4.38% p.a. | 4.25% p.a. | $0.00 | $200 | ||
| 3.83% p.a.variable for 24 months and then 4.59% p.a. | 4.47% p.a. | $0.00 | $200 | ||
| 3.27% p.a.variable for 24 months and then 4.03% p.a. | 3.92% p.a. | $0.00 | $200 | ||
| 4.13% p.a.variable for 48 months and then 4.94% p.a. | 4.68% p.a. | $0.00 | $200 | ||
| 3.57% p.a.variable for 48 months and then 4.38% p.a. | 4.13% p.a. | $0.00 | $200 | ||
| 3.83% p.a.variable for 48 months and then 4.59% p.a. | 4.35% p.a. | $0.00 | $200 | ||
| 3.27% p.a.variable for 48 months and then 4.03% p.a. | 3.80% p.a. | $0.00 | $200 | ||
| 5.64% p.a. | 5.79% p.a. | $8.00 monthly | $800 | ||
| 5.38% p.a. | 5.53% p.a. | $8.00 monthly | $800 | ||
| 5.29% p.a. | 5.44% p.a. | $8.00 monthly | $800 | ||
| 4.80% p.a. | 4.95% p.a. | $8.00 monthly | $800 |
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%.
| Product | Fixed 3 year rate | Comparison Rate* | Service fee | Upfront fee | Monthly repayments ‡ |
|---|---|---|---|---|---|
| 3.79% p.a. | 5.17% p.a. | $395.00 yearly | $200 | ||
| 3.79% p.a. | 5.10% p.a. | $395.00 yearly | $200 | ||
| 3.79% p.a. | 5.03% p.a. | $395.00 yearly | $200 | ||
| 3.64% p.a. | 4.95% p.a. | $395.00 yearly | $200 | ||
| 3.64% p.a. | 4.88% p.a. | $395.00 yearly | $200 | ||
| 3.64% p.a. | 4.80% p.a. | $395.00 yearly | $200 | ||
| 3.79% p.a. | 4.92% p.a. | $395.00 yearly | $200 | ||
| 3.79% p.a. | 4.85% p.a. | $395.00 yearly | $200 | ||
| 3.79% p.a. | 4.78% p.a. | $395.00 yearly | $200 | ||
| 2.99% p.a. | 4.37% p.a. | $395.00 yearly | $200 | ||
| 2.99% p.a. | 4.30% p.a. | $395.00 yearly | $200 | ||
| 2.99% p.a. | 4.23% p.a. | $395.00 yearly | $200 |
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.
| Product | Rate | Comparison Rate* | Service fee | Upfront fee | Monthly repayments ‡ |
|---|---|---|---|---|---|
| 5.14% p.a. | 5.53% p.a. | $395.00 yearly | $200 | ||
| 5.04% p.a. | 5.43% p.a. | $395.00 yearly | $200 | ||
| 4.94% p.a. | 5.33% p.a. | $395.00 yearly | $200 | ||
| 4.88% p.a. | 5.28% p.a. | $395.00 yearly | $200 | ||
| 4.78% p.a. | 5.18% p.a. | $395.00 yearly | $200 | ||
| 4.68% p.a. | 5.08% p.a. | $395.00 yearly | $200 | ||
| 4.79% p.a. | 5.19% p.a. | $395.00 yearly | $200 | ||
| 4.69% p.a. | 5.09% p.a. | $395.00 yearly | $200 | ||
| 4.59% p.a. | 4.99% p.a. | $395.00 yearly | $200 | ||
| 4.30% p.a. | 4.71% p.a. | $395.00 yearly | $200 | ||
| 4.20% p.a. | 4.61% p.a. | $395.00 yearly | $200 | ||
| 4.10% p.a. | 4.51% p.a. | $395.00 yearly | $200 |
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 |
|---|---|---|---|---|
| 6.28% p.a. | n/a | $12.00 monthly | $800 |
‡ 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.
| Extra repaymentsExtra 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. |
| Low depositLow 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. |
| Flexible repayment scheduleFlexible 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. |
| Package discountsPackage 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! |
Now you know what we think, why not check out what real customers have to say about their experience with the Commonwealth Bank? Visit our reviews section to see how CommBank performs in everything from customer service to price.
We had some delays in our settlement due to incorrect information put into our contract but this was sorted reasonably quickly.
We had some delays in our settlement due to incorrect information put into our contract but this was sorted reasonably quickly.
Joanne, New South Wales, reviewed 3 days ago
Have no issues with current provider. Exceptional customer service. Very easy to obtain first home loan, they explained everything and stepped through the whole process very efficiently.
Have no issues with current provider. Exceptional customer service. Very easy to obtain first home loan, they explained everything and stepped through the whole process very efficiently.
Lisa, New South Wales, reviewed 3 days ago
We got a good deal when we remortgaged but they haven't honoured the rate change sufficiently. I would like a rate that a new customer is on.
We got a good deal when we remortgaged but they haven't honoured the rate change sufficiently. I would like a rate that a new customer is on.
Louise, Western Australia, reviewed 4 days ago
The service is good on the application, the product itself is competitive with the interest rate and no fees and with both offset and redraw facilities. Only downside is it doesn’t get reviewed on interest rates to match competitors so you can...
The service is good on the application, the product itself is competitive with the interest rate and no fees and with both offset and redraw facilities. Only downside is it doesn’t get reviewed on interest rates to match competitors so you can easily switch banks without them knowing unless you contact them and even then they don’t always match if they don’t think you’re valuable enough to them e.g. not a big earner, not much savings, etc.
Maria, Western Australia, reviewed 4 days ago
Easy to deal with and have suited our needs.
Easy to deal with and have suited our needs.
David, Victoria, reviewed 5 days ago
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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:
