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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

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
Fixed 3 year rate
6.59% p.a.
Comparison Rate
7.99% p.a.
Service fee
$395.00 yearly
Upfront fee
$200
Fixed 3 year rate
6.69% p.a.
Comparison Rate
8.02% p.a.
Service fee
$395.00 yearly
Upfront fee
$200
Fixed 3 year rate
6.64% p.a.
Comparison Rate
8.40% p.a.
Service fee
$395.00 yearly
Upfront fee
$200
Fixed 3 year rate
6.74% p.a.
Comparison Rate
8.43% p.a.
Service fee
$395.00 yearly
Upfront fee
$200

Mozo editorial review Commonwealth Bank Fixed Rate Home Loan (Wealth Package) - last updated: 17 November 2023

binocular icon
What's hot
  • 3-year fixed rate of 6.59% (8.00% comparison*)
  • Borrow with just a 5% deposit
What's not
  • $395 yearly fee
  • No offset account
Mozo snapshot

The Fixed Rate (Wealth Package) home loan from the Commonwealth Bank could be an appealing option for borrowers looking to lock in a fixed rate for the short term - particularly those with a low deposit. Eligible CommBank Yello customers could receive a range of different perks, including cashback offers (T&Cs apply).

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 6.59% for 3-year fixed terms (8.00% comparison rate*), 6.69% for 4-year terms (7.92% comparison rate*) and 6.59% for 1-year terms (8.29% comparison rate*). 

On the other hand, investors will be able to access fixed rates from just 6.64% for 3-year fixed terms (8.41% comparison rate*), 6.64% for 1-year terms (8.80% comparison rate*) and 6.79% for 4-year terms (8.30% 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. 

In saying that, eligible CommBank Yello customers may receive a monthly cashback on the package fee, which could mean potential savings on costs (T&Cs apply).


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 fixed rate for a few years or first time buyers with a low deposit.  

question icon
Any catches

Borrowers should budget for the yearly $395 fee and remember that once the fixed interest rate period expires the loan will switch over to the much higher 8.10% revert rate.

Details

Rates and fees information correct as at 16 April 2024. 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

6.59% (8.28%*)

6.84% (8.18%*)

6.59% (7.99%*)

6.69% (7.91%*)

6.69% (7.81%*)

n/a

n/a

8.10% 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.

CommBank home loan customers can use a 3.99% p.a. (3.99% p.a. comparison rate) 10 year fixed rate Green Loan to buy eligible clean energy products. Loan size $5,000-$30,000.

To qualify as a Homeowner, you need a CommBank account, 30+ monthly transactions, and active home loan. Enjoy Kit membership, Yello Offers, cashback on loans, 1000 credit card points, insurance cashback, property trend reports, and ongoing Kit benefits.

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 16 April 2024. 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

6.59% (8.28%*)

6.89% (8.19%*)

6.69% (8.02%*)

6.79% (7.95%*)

6.79% (7.85%*)

n/a

n/a

8.10% 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.

CommBank home loan customers can use a 3.99% p.a. (3.99% p.a. comparison rate) 10 year fixed rate Green Loan to buy eligible clean energy products. Loan size $5,000-$30,000.

To qualify as a Homeowner, you need a CommBank account, 30+ monthly transactions, and active home loan. Enjoy Kit membership, Yello Offers, cashback on loans, 1000 credit card points, insurance cashback, property trend reports, and ongoing Kit benefits.

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 16 April 2024. 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

6.64% (8.79%*)

6.89% (8.63%*)

6.64% (8.40%*)

6.79% (8.29%*)

6.79% (8.15%*)

n/a

n/a

8.68% 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.

CommBank home loan customers can use a 3.99% p.a. (3.99% p.a. comparison rate) 10 year fixed rate Green Loan to buy eligible clean energy products. Loan size $5,000-$30,000.

To qualify as a Homeowner, you need a CommBank account, 30+ monthly transactions, and active home loan. Enjoy Kit membership, Yello Offers, cashback on loans, 1000 credit card points, insurance cashback, property trend reports, and ongoing Kit benefits.

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 16 April 2024. 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

6.64% (8.79%*)

6.94% (8.65%*)

6.74% (8.43%*)

6.89% (8.33%*)

6.89% (8.20%*)

n/a

n/a

8.68% 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.

CommBank home loan customers can use a 3.99% p.a. (3.99% p.a. comparison rate) 10 year fixed rate Green Loan to buy eligible clean energy products. Loan size $5,000-$30,000.

To qualify as a Homeowner, you need a CommBank account, 30+ monthly transactions, and active home loan. Enjoy Kit membership, Yello Offers, cashback on loans, 1000 credit card points, insurance cashback, property trend reports, and ongoing Kit benefits.

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

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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.

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