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Commonwealth Bank Fixed Rate Home Loan (Wealth Package)

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
2.29% p.a.
Comparison Rate*
3.87% p.a.
Service fee
$395.00 yearly
Upfront fee
$200
Go to site
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: 16 June 2020.

binocular icon
What's hot
  • Low 2-year fixed rate of 2.29% (3.99% 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. The loan has a $2,000 cashback for refinancers who apply before 3 August, 2020 and have their loan funded by 9 October, 2020. The minimum refinance amount is $250,000 and eligibility criteria applies.

key icon
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 2.29% 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 for refinancers who apply before 3 August 2020 and have their loan funded by 9 October, 2020.  The minimum refinance amount is $250,000 and eligibility criteria applies.

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.  

snapshot
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 7 July 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

  • 2.29% (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.

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 3 August 2020 and have their loan funded by 9 October 2020. Minimum refinance amount $250,000. Eligibility criteria applies.

*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 7 July 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 7 July 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 3 August 2020 and have their loan funded by 9 October 2020. Minimum refinance amount $250,000. Eligibility criteria applies.

*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 7 July 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 3 August 2020 and have their loan funded by 9 October 2020. Minimum refinance amount $250,000. Eligibility criteria applies.

*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 customer rating
6.8/10
Price
6.3/10
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
    Better than expected

    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 review

    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

    Price
    4/10
    Features
    7/10
    Customer service
    2/10
    Convenience
    9/10
    Trust
    7/10
    Less
    Nick, Victoria reviewed 14 days ago
  • Overall 7/10
    Good customer service but bad interest rate

    It's convenient and we can either call or see them fact to face. Their rate is not the cheapest.

    Read full review

    It's convenient and we can either call or see them fact to face. Their rate is not the cheapest.

    Price
    3/10
    Features
    7/10
    Customer service
    7/10
    Convenience
    8/10
    Trust
    8/10
    Less
    Ray, Queensland reviewed 21 days ago
  • Overall 9/10
    Haven't done wrong by me

    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 review

    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.

    Price
    9/10
    Features
    9/10
    Customer service
    10/10
    Convenience
    8/10
    Trust
    8/10
    Less
    Fred, Queensland reviewed about 2 months ago
  • Overall 8/10
    Good

    Great customer service. No complaints.

    Read full review

    Great customer service. No complaints.

    Price
    8/10
    Features
    6/10
    Customer service
    9/10
    Convenience
    9/10
    Trust
    9/10
    Less
    Dani, Queensland reviewed 2 months ago
  • Overall 6/10
    Expensive option but our service has been good.

    A Big 4 is not the cheapest, but we have found the local branch staff to be helpful and responsive. The app is much better compared to other banks I've used.

    Read full review

    A Big 4 is not the cheapest, but we have found the local branch staff to be helpful and responsive. The app is much better compared to other banks I've used.

    Price
    5/10
    Features
    8/10
    Customer service
    8/10
    Convenience
    8/10
    Trust
    3/10
    Less
    Susie, Queensland reviewed 3 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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