7.4 / 10

based on 45791 Commonwealth Bank 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 16 April, 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

3.54% p.a.

4.43% p.a.

$8.00 monthly

$800

2.29% p.a.

4.12% 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

3.39% p.a.

4.12% p.a.

$395.00 yearly

$200

2.14% p.a.

3.83% 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

5909 Reviews

Recent Commonwealth Bank home loan reviews

Commonwealth Bank Home Loan review
Overall 1/10
Poor customer service.

I’ve been with Commonwealth for over 30 years. The process of trying to discharge my mortgage has been awful. I have a variable mortgage that I was advised would take 10 business days to process but has so far taken over a month, despite Commonwealth having all necessary documentation, and it still hasn’t occurred yet. After approximately five hours on hold over four separate calls, I was advised on separate occasions it would take 10 days, then 17 days, then 21 days, and today (34 days after I submitted all documents) they still have not arranged a settlement date. Commonwealth’s conduct in deliberately delaying discharges so that customers are subject to their higher interest rates is misleading and deceptive. Commonwealth’s practice of understaffing its loan discharge team so exiting customers are left for hours on hold shows incredibly poor corporate responsibility.

Read full review

I’ve been with Commonwealth for over 30 years. The process of trying to discharge my mortgage has been awful. I have a variable mortgage that I was advised would take 10 business days to process but has so far taken over a month, despite Commonwealth having all necessary documentation, and it still hasn’t occurred yet. After approximately five hours on hold over four separate calls, I was advised on separate occasions it would take 10 days, then 17 days, then 21 days, and today (34 days after I submitted all documents) they still have not arranged a settlement date. Commonwealth’s conduct in deliberately delaying discharges so that customers are subject to their higher interest rates is misleading and deceptive. Commonwealth’s practice of understaffing its loan discharge team so exiting customers are left for hours on hold shows incredibly poor corporate responsibility.

Price
3/10
Features
5/10
Customer service
1/10
Convenience
5/10
Trust
1/10
Less
Anna, New South Wales, reviewed 10 days ago
Commonwealth Bank Home Loan review
Overall 5/10
A safe but bit dearer than should be bank.

I like that it is well and truly established and nice staff. I dislike how they seem to want to charge the highest interest rate they can and make it difficult to change.

Read full review

I like that it is well and truly established and nice staff. I dislike how they seem to want to charge the highest interest rate they can and make it difficult to change.

Price
4/10
Features
4/10
Customer service
7/10
Convenience
7/10
Trust
7/10
Less
Karen, Tasmania, reviewed 17 days ago
Commonwealth Bank Home Loan review
Overall 10/10
Would recommend

Have always received reliable and convenient service when dealing with branch

Read full review

Have always received reliable and convenient service when dealing with branch

Price
8/10
Features
9/10
Customer service
9/10
Convenience
10/10
Trust
10/10
Less
Jacinta, Queensland, reviewed 30 days ago
Commonwealth Bank Standard Variable Rate review
Overall 1/10
Very dissatisfied very unprofessional unorganised.

At CBA they over charged my home loan account while I was in Covid deferred time then the account was put into arrears by mistake. Then on top of that they do this random sweep for accounts that are in arrears so they took double payment in the month of February, three days apart and was not my fault. I was contacted by more than 8 different staff members about my arrears amount and none of them new the issue or read the previous persons notes on their system. Altogether they wasted 5 hours of my time on the phone. Only last week they finally sorted arrears amount and I’m still waiting on the second random sweep amount to be sorted out. They don’t contact you with a return number it’s always a private number and they won’t email so it’s hard to return any of their calls. I have never been in arrears or missed payments and during a tough Covid time with financial burdens this problem has not helped but rather left my family and I extremely stressed and worried. Only the last customer service girl seemed to know how to make sense of the issues, one out of 8 or more other untrained staff members. Sorry to be harsh but I’m being honest and hope others don’t suffer like I have.

Read full review

At CBA they over charged my home loan account while I was in Covid deferred time then the account was put into arrears by mistake. Then on top of that they do this random sweep for accounts that are in arrears so they took double payment in the month of February, three days apart and was not my fault. I was contacted by more than 8 different staff members about my arrears amount and none of them new the issue or read the previous persons notes on their system. Altogether they wasted 5 hours of my time on the phone. Only last week they finally sorted arrears amount and I’m still waiting on the second random sweep amount to be sorted out. They don’t contact you with a return number it’s always a private number and they won’t email so it’s hard to return any of their calls. I have never been in arrears or missed payments and during a tough Covid time with financial burdens this problem has not helped but rather left my family and I extremely stressed and worried. Only the last customer service girl seemed to know how to make sense of the issues, one out of 8 or more other untrained staff members. Sorry to be harsh but I’m being honest and hope others don’t suffer like I have.

Price
1/10
Features
1/10
Customer service
1/10
Convenience
5/10
Trust
1/10
Less
Mario, New South Wales, reviewed about 1 month ago
Commonwealth Bank Standard Variable Rate (Wealth Package) review
Overall 8/10
Not bad.

Easy to deal with, but have to haggle about interesr rates, or else you wont be told.

Read full review

Easy to deal with, but have to haggle about interesr rates, or else you wont be told.

Price
8/10
Features
9/10
Customer service
9/10
Convenience
9/10
Trust
7/10
Less
Don, New South Wales, 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