The details shown below are for an owner occupier taking out a principal & interest loan of at least $150,000 with an LVR below 95%
The details shown below are for an owner occupier taking out a interest only loan of at least $150,000 with an LVR below 80%
The details shown below are for an investor taking out a principal & interest loan of at least $150,000 with an LVR below 90%
The details shown below are for an investor taking out a interest only loan of at least $150,000 with an LVR below 90%
Choose the version of this loan that suits you best
| Availability | Loan type | LVR | Min loan amount | Max loan amount | |
|---|---|---|---|---|---|
| | Owner Occupier | Principal & Interest | < 95% | $150,000 | |
| | Owner Occupier | Interest Only | < 80% | $150,000 | |
| | Investor | Principal & Interest | < 90% | $150,000 | |
| | Investor | Interest Only | < 90% | $150,000 |
Owner Occupier (Principal & Interest)
LVR < 95%
Loan: $150,000
Owner Occupier (Interest Only)
LVR < 80%
Loan: $150,000
Investor (Principal & Interest)
LVR < 90%
Loan: $150,000
Investor (Interest Only)
LVR < 90%
Loan: $150,000
Offering some of the lowest rates around for 1-3 year fixed terms, the Fixed Rate (Wealth Package) home loan from the Commonwealth Bank could be an appealing option for borrowers looking to lock in a low fixed rate for the short term - particularly those with a low deposit. There is a $2,000 cashback offer for refinancers who apply before 31 October, 2020 and have their loan funded by 31 December, 2020. The minimum refinance amount is $250,000 and eligibility criteria applies. This offer is not available for Bridging Loans.
The Fixed Rate (Wealth Package) from the Commonwealth Bank is available to both owner occupiers and investors borrowing over $150,000, with principal and interest and interest-only repayment options available to both.
Like most home loans, the lowest rates on offer are for owner-occupiers and these currently start from just 2.29% for 1-year fixed terms (4.13% comparison rate*), 2-year terms (3.99% comparison rate*) and 3-year terms (3.87% comparison rate*).
On the other hand, investors will be able to access fixed rates from just 2.69% for 1-year terms (4.67% comparison rate*), 2-year terms (4.52% comparison rate*) and 3-year terms (4.38% comparison rate*).
The Fixed Rate (Wealth Package) may also appeal to first home buyers, as the loan comes with a low deposit requirement of just 5% for owner occupiers making principal and interest repayments. It’s worth bearing in mind that low deposit borrowers will likely be required to pay Lenders Mortgage Insurance though.
Speaking of repayments, borrowers will be able to make their mortgage repayments on a weekly, fortnightly or monthly basis, and they’ll also have the ability to make extra repayments towards their loan for free (capped at $10,000 a year).
However, while the loan does come with a $395 annual fee, it doesn’t provide some of the features borrowers might enjoy having access to such as the ability to withdraw their extra repayments through a redraw facility and to make use of an offset account.
Borrowers may also want to consider the $200 settlement fee, legal fees (which is charged at cost) and $350 discharge fee attached to the loan.
If you are refinancing, there is a $2000 cashback offer for refinancers who apply before 31 October 2020 and have their loan funded by 31 December, 2020. The minimum refinance amount is $250,000 and eligibility criteria applies. Just keep in mind this offer is not available for Bridging Loans.
The Commonwealth Bank’s Fixed Rate (Wealth Package) could be a competitive option for a number of borrowers, including those looking to lock in a low fixed rate for a few years or first time buyers with a low deposit.
Aside from weighing up the benefits of a low fixed rate against the yearly $395 fee and features on offer, borrowers should remember that once the fixed interest rate period expires the loan will switch over to the much higher 4.43% revert rate.
n/a
n/a
n/a
n/a
2.29% (4.13%*)
2.29% (3.99%*)
2.29% (3.87%*)
2.99% (3.98%*)
2.99% (3.93%*)
n/a
n/a
3.85% p.a.
$0.00
n/a
$0.00
$200.00
n/a
$395.00 yearly
$350.00
$150,000
none
none
95.00%
Weekly, Fortnightly, Monthly
yes - free up to $10,000 p.a.
no
no
none
yes
no
Legal fees charged at cost.
none
$2,000 cashback for refinancers who apply before 31 October 2020 and have their loan funded by 31 December 2020. Minimum refinance amount $250,000. Eligibility criteria applies. This offer is not available for Bridging Loans.
n/a
n/a
n/a
n/a
3.39% (4.22%*)
3.39% (4.17%*)
3.39% (4.12%*)
3.79% (4.21%*)
3.79% (4.20%*)
n/a
n/a
4.34% p.a.
$0.00
n/a
$0.00
$200.00
n/a
$395.00 yearly
$350.00
$150,000
none
none
80.00%
Weekly, Fortnightly, Monthly
yes - free up to $10,000 p.a.
no
no
none
yes
no
Legal fees charged at cost.
none
none
n/a
n/a
n/a
n/a
2.69% (4.67%*)
2.69% (4.52%*)
2.69% (4.38%*)
3.09% (4.39%*)
3.09% (4.30%*)
n/a
n/a
4.43% p.a.
$0.00
n/a
$0.00
$200.00
n/a
$395.00 yearly
$350.00
$150,000
none
none
90.00%
Weekly, Fortnightly, Monthly
yes - free up to $10,000 p.a.
no
no
none
yes
no
Legal fees charged at cost.
none
$2,000 cashback for refinancers who apply before 31 October 2020 and have their loan funded by 31 December 2020. Minimum refinance amount $250,000. Eligibility criteria applies. This offer is not available for Bridging Loans.
n/a
n/a
n/a
n/a
2.89% (4.68%*)
2.89% (4.55%*)
2.89% (4.55%*)
3.29% (4.43%*)
3.29% (4.35%*)
n/a
n/a
4.69% p.a.
$0.00
n/a
$0.00
$200.00
n/a
$395.00 yearly
$350.00
$150,000
none
none
90.00%
Weekly, Fortnightly, Monthly
yes - free up to $10,000 p.a.
no
no
none
yes
no
Legal fees charged at cost.
none
$2,000 cashback for refinancers who apply before 31 October 2020 and have their loan funded by 31 December 2020. Minimum refinance amount $250,000. Eligibility criteria applies. This offer is not available for Bridging Loans.
Our bank manager was professional and stayed in contact with us throughout the whole home buying process. He didn't try to sell us anything we didn't need. A1 from us.
Read full reviewOur bank manager was professional and stayed in contact with us throughout the whole home buying process. He didn't try to sell us anything we didn't need. A1 from us.
Cannot be trusted. They tell you one thing and when the time comes it is different. They change conditions without telling you what the actual change is and how it will effect you.
Read full reviewCannot be trusted. They tell you one thing and when the time comes it is different. They change conditions without telling you what the actual change is and how it will effect you.
Pros: - surprisingly good rate (would never have thought they would offer a decent rate) - credit card annual fee waived with 'wealth' package Cons: - wealth package is expensive and ROI is fairly low with current interest rates - long wait times when you need to call
Read full reviewPros: - surprisingly good rate (would never have thought they would offer a decent rate) - credit card annual fee waived with 'wealth' package Cons: - wealth package is expensive and ROI is fairly low with current interest rates - long wait times when you need to call
It's convenient and we can either call or see them fact to face. Their rate is not the cheapest.
Read full reviewIt's convenient and we can either call or see them fact to face. Their rate is not the cheapest.
Some don't like them, but they did what they said they would and continue to do so. We had some problems financially and they were excellent and understanding. May never leave.
Read full reviewSome don't like them, but they did what they said they would and continue to do so. We had some problems financially and they were excellent and understanding. May never leave.
The Commonwealth Bank might be one of Australia's oldest and largest banks, but lately it's determined to do things differently. The Commonwealth Bank reckons it's focusing more on customer service and earning your business rather than counting on it. If you like the sound of that, then check out the Commonwealth Bank's wide range of personal banking products, including term deposits, savings accounts, credit cards, home loans and personal loans.
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