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Commonwealth Bank Fixed Rate Home Loan (Wealth Package)

Advertiser disclosure

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

  • 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

Fixed 3 year rate
2.14% p.a.
Comparison Rate
3.83% p.a.
Service fee
$395.00 yearly
Upfront fee
$200
Fixed 3 year rate
3.39% p.a.
Comparison Rate
4.12% p.a.
Service fee
$395.00 yearly
Upfront fee
$200
Fixed 3 year rate
2.69% p.a.
Comparison Rate
4.38% p.a.
Service fee
$395.00 yearly
Upfront fee
$200
Fixed 3 year rate
2.89% p.a.
Comparison Rate
4.55% p.a.
Service fee
$395.00 yearly
Upfront fee
$200

Mozo editorial review Commonwealth Bank Fixed Rate Home Loan (Wealth Package)

Last updated: 11 November 2020.

binocular icon
What's hot
  • Low 2-year fixed rate of 2.14% (3.97% comparison*)
  • $2,000 cashback offer
  • Borrow with just a 5% deposit
What's not
  • $395 yearly fee
  • No offset account
Mozo snapshot

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 December, 2020 and have their loan funded by 31 March, 2021. The minimum refinance amount is $250,000 and eligibility criteria applies. This offer is not available for Bridging Loans.

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Key features

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 2.19% for 1-year fixed terms (4.12% comparison rate*), 2.14% for 2-year terms (3.97% comparison rate*) and 3-year terms (3.83% 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 December 2020 and have their loan funded by 31 March, 2021. The minimum refinance amount is $250,000 and eligibility criteria applies. Just keep in mind this offer is not available for Bridging Loans.

snapshot
Who is it good for

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.  

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Any catches

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.

Details

Rates and fees information correct as at 6 December 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • n/a

  • n/a

  • n/a

  • n/a

  • 2.19% (4.12%*)

  • 2.14% (3.97%*)

  • 2.14% (3.83%*)

  • 1.99% (3.66%*)

  • 2.99% (3.93%*)

  • n/a

  • n/a

  • 3.85% p.a.

Fees
  • $0.00

  • n/a

  • $0.00

  • $200.00

  • n/a

  • $395.00 yearly

  • $350.00

Other financial bits
  • $150,000

  • none

  • none

  • 95.00%

Features
  • 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 December 2020 and have their loan funded by 31 March 2021. Minimum refinance amount $250,000. Eligibility criteria applies. This offer is not available for Bridging Loans.

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.

Details

Rates and fees information correct as at 6 December 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • 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.

Fees
  • $0.00

  • n/a

  • $0.00

  • $200.00

  • n/a

  • $395.00 yearly

  • $350.00

Other financial bits
  • $150,000

  • none

  • none

  • 80.00%

Features
  • Weekly, Fortnightly, Monthly

  • yes - free up to $10,000 p.a.

  • no

  • no

  • none

  • yes

  • no

  • Legal fees charged at cost.

  • none

  • none

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.

Details

Rates and fees information correct as at 6 December 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • 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.

Fees
  • $0.00

  • n/a

  • $0.00

  • $200.00

  • n/a

  • $395.00 yearly

  • $350.00

Other financial bits
  • $150,000

  • none

  • none

  • 90.00%

Features
  • 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 December 2020 and have their loan funded by 31 March 2021. Minimum refinance amount $250,000. Eligibility criteria applies. This offer is not available for Bridging Loans.

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.

Details

Rates and fees information correct as at 6 December 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • 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.

Fees
  • $0.00

  • n/a

  • $0.00

  • $200.00

  • n/a

  • $395.00 yearly

  • $350.00

Other financial bits
  • $150,000

  • none

  • none

  • 90.00%

Features
  • 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 December 2020 and have their loan funded by 31 March 2021. Minimum refinance amount $250,000. Eligibility criteria applies. This offer is not available for Bridging Loans.

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.

Customer Reviews

How are Commonwealth Bank home loans rated by the Mozo community?

Overall
6.8/10
Price
6.4/10
Features
6.3/10
Customer service
7.0/10
Convenience
7.9/10
Trust
6.7/10

Latest reviews of Commonwealth Bank Fixed Rate Home Loan (Wealth Package)

  • Overall 6/10
    Overall positive experience.

    Good customer service. Easy access to funds and account details.

    Read full review

    Good customer service. Easy access to funds and account details.

    Price
    8/10
    Features
    5/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    5/10
    Less
    Renee, Queensland reviewed 10 days ago
  • 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 about 2 months ago
  • Overall 1/10
    I want out of Commonwealth Bank.

    Customer service is failing. Change machines cashing coins always takes money from you. You cannot email them. Their rates are so high. No personal service here, always charge fees when something goes wrong. No goodwill or devotion to long term customers.

    Read full review

    Customer service is failing. Change machines cashing coins always takes money from you. You cannot email them. Their rates are so high. No personal service here, always charge fees when something goes wrong. No goodwill or devotion to long term customers.

    Price
    1/10
    Features
    1/10
    Customer service
    1/10
    Convenience
    5/10
    Trust
    1/10
    Less
    Pamela, Victoria reviewed 2 months ago
  • Overall 9/10
    Very good bank.

    What I like about Commonwealth Bank is they give you a good price on home loan.

    Read full review

    What I like about Commonwealth Bank is they give you a good price on home loan.

    Price
    9/10
    Features
    9/10
    Customer service
    9/10
    Convenience
    9/10
    Trust
    9/10
    Less
    Sharon, Victoria reviewed 3 months ago
  • Overall 10/10
    Excellent service.

    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 review

    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.

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Donna, Queensland reviewed 4 months ago
Commonwealth Bank

About Commonwealth Bank

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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2.47% p.a.

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AcceleRATES Variable Home Loan

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2.19% p.a.

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UHomeLoan - Discount Offer

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n/a

n/a

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.