Choose the version of this loan that suits you best
Availability | Loan type | LVR | Min loan amount | Max loan amount | |
---|---|---|---|---|---|
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Owner Occupier | Principal & Interest | < 95% | $150,000 | |
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Owner Occupier | Interest Only | < 80% | $150,000 | |
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Investor | Principal & Interest | < 90% | $150,000 | |
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Investor | Interest Only | < 90% | $150,000 |
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).
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).
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.
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.
n/a |
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n/a |
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n/a |
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n/a |
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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. |
$0.00 |
|
n/a |
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$0.00 |
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$200.00 |
|
n/a |
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$395.00 yearly |
|
$350.00 |
$150,000 |
|
none |
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none |
|
95.00% |
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. |
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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.
n/a |
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n/a |
|
n/a |
|
n/a |
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6.59% (8.28%*) |
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6.89% (8.19%*) |
|
6.69% (8.02%*) |
|
6.79% (7.95%*) |
|
6.79% (7.85%*) |
|
n/a |
|
n/a |
|
8.10% 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. |
|
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.
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. |
$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. |
|
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.
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. |
$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. |
|
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.
We had a great experience with CommBank over the last 6 years, it was easy to get a rate review every 6 months and the customer service was great, we have no complaints about our experience and would happily recommend.
Read full reviewWe had a great experience with CommBank over the last 6 years, it was easy to get a rate review every 6 months and the customer service was great, we have no complaints about our experience and would happily recommend.
The bank is very flexible but the fees and interest rates are heavy. Excellent customer service.
Read full reviewThe bank is very flexible but the fees and interest rates are heavy. Excellent customer service.
We recently approached comm back to refinance and consolidate debt. The person that was representing said bank did not show interest nor have good customer service. We easily could accommodate what we were asking. It was like he wasn't interested in our custom or his job or both? Cheers Andy
Read full reviewWe recently approached comm back to refinance and consolidate debt. The person that was representing said bank did not show interest nor have good customer service. We easily could accommodate what we were asking. It was like he wasn't interested in our custom or his job or both? Cheers Andy
The ongoing care factor needs to be worked on by this bank for home loan customers. During the sign up for the Homeloan mortgage the lender is responsive to your. Alls and text. As soon as it’s drawn down Nd they’ve got their tick for the sale they don’t care anymore. Emails go I responded to and branch staff need to make an appointment and can barely help you with information. A lot of directing back on line. This is why people prefer brokers. Because brokers continue to answer your call and help you. But they have to second hand get information and contacts to get me information when I should be able to get it from my bank.
Read full reviewThe ongoing care factor needs to be worked on by this bank for home loan customers. During the sign up for the Homeloan mortgage the lender is responsive to your. Alls and text. As soon as it’s drawn down Nd they’ve got their tick for the sale they don’t care anymore. Emails go I responded to and branch staff need to make an appointment and can barely help you with information. A lot of directing back on line. This is why people prefer brokers. Because brokers continue to answer your call and help you. But they have to second hand get information and contacts to get me information when I should be able to get it from my bank.
I have been with CWB for 15 years. I have had two mortgages and multiple personal loans with CWB. I am a satisfied customer overall. I’m sure there is probably a better deal somewhere as the big banks don’t have competitive rates. I like our local bank manager. The next interest rate increase will be the push I need to shop around finally I think.
Read full reviewI have been with CWB for 15 years. I have had two mortgages and multiple personal loans with CWB. I am a satisfied customer overall. I’m sure there is probably a better deal somewhere as the big banks don’t have competitive rates. I like our local bank manager. The next interest rate increase will be the push I need to shop around finally I think.
Fixed Rate Loan (with Orange Advantage)
5.99% p.a.
fixed 3 years
6.12% p.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.